Excessive costs are leaving their mark, Commerzbank’s commodity analyst Barbara Lambrecht notes.
Markets present larger curiosity in Gold ETFs in Europe
“India, the place the worth of Gold in rupees reached a brand new document excessive in June, imported solely 21 tons of Gold final month, the bottom stage since April 2023, in response to a Reuters report primarily based on statements by a authorities official. Within the first half of the 12 months, India’s Gold imports had been round 30% decrease than in the identical interval final 12 months, at 204 tons.”
“Figures for Swiss Gold exports in June additionally confirmed weak demand in Asia: exports to China fell by 39% month-on-month to 16.7 tons, exports to India fell by 71% to only beneath 3 tons, and Gold exports to Hong Kong fell by 35% to lower than one ton.”
“In contrast, exports to the UK climbed sharply, reflecting larger curiosity in Gold ETFs in Europe. In keeping with the WGC, ETFs in Europe recorded inflows of round 23 tons in June.”
