National News
India’s gold demand improves as prices dip
Gold demand in India saw a slight improvement towards the week’s end as prices fell from record highs, yet remained below normal levels. Discounts in China persisted due to low activity, and India’s imports are predicted to drop significantly by 85 per cent in February. Meanwhile, gold trades in Singapore, Hong Kong, and Japan show varying premiums and discounts.
India’s gold demand improved in the second half of this week but remained lower than normal as prices retreated from all-time-high levels, while traders continued to offer discounts in China as activity remained lacklustre. Domestic gold prices were trading around 84,750 rupees per 10 grams on Friday after hitting a record high of 86,592 rupees last week.
Indian dealers this week offered a discount of $12-$27 an ounce over official domestic prices, inclusive of 6 per cent import and 3 per cent sales levies, down from the last week’s discount of $35.
National News
MCX Gold and Silver Decline Sticky Inflation Fears
There Was Profit-Booking Following Recent Highs Fueled Speculation Around Central Bank Monetary Tightening.
Gold and silver prices dropped by up to 1% on the MCX as sticky inflation fears, volatile energy prices, and profit-booking following recent highs fueled speculation around central bank monetary tightening.
Inflation & Rate Hike Speculation: Despite July US CPI moderating to 3.4% YoY and PPI remaining flat, inflation remains well above the Fed’s 2% target. Markets are currently pricing in a ~1-in-3 chance of a September rate hike.
Energy & Geopolitical Volatility: Ongoing Middle East conflicts—amplified by US naval blockades of Iranian ports—have pushed oil prices above $87/bbl, creating energy-driven inflation risks.
Mixed Economic Signals: Weak US payrolls (dropping 23,000 in July vs. +80,000 expected) initially supported rate-freeze bets, but upcoming PCE data (due August 26) keeps traders cautious.
Profit-Taking: Technical profit booking emerged after gold breached its 100-day moving average.
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