Gold Slips Despite Global Jitters — Is India’s Bullion Rally Losing Steam?

Image Source : Free Press Journal

1. Price Action and Market Snapshot

Indian gold prices declined slightly on July 23, according to FXStreet data, despite ongoing global trade tensions and safehaven purchases.

2. Global Determinants and Dollar Behavior

US Dollar Index declined 0.44% to 97.43, typically a positive indicator for gold
But gold declined to USD 3,420 an ounce, closing a threeday rally
US Treasury yields fell, but strong retail spending and low inflation readings contained the metals' advances

3. Domestic Trends and Investor Sentiment

Indian gold imports fell 40% in June, a twoyear low, as prices were too expensive
Consumer buyers are conservative, and demand shifts to silver and lightweight jewellery
Record gold ETF inflows were seen in June, evidencing ongoing investment demand

4. Outlook and Strategic Implications

Analysts anticipate gold to move sideways in the near term, with Rs 98,100–1,00,500 being the range
Silver trumps gold even in the face of tariff threats and shrinking yields
US tariff dates and Fed announcements directional guidance to be aware of by traders

Sources: FXStreet, Goodreturns, News18, World Gold Council, Economic Times, MSN India, Reuters India, Times of India July 2025