Asia's physical Gold demand likely weak in June, demand strong in Europe – Commerzbank
High prices are leaving their mark, Commerzbank's commodity analyst Barbara Lambrecht notes.
Markets show higher interest in Gold ETFs in Europe
"India, where the price of Gold in rupees reached a new record high in June, imported only 21 tons of Gold last month, the lowest level since April 2023, according to a Reuters report based on statements by a government official. In the first half of the year, India's Gold imports were around 30% lower than in the same period last year, at 204 tons."
"Figures for Swiss Gold exports in June also 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 just under 3 tons, and Gold exports to Hong Kong fell by 35% to less than one ton."
"By contrast, exports to the UK climbed sharply, reflecting higher interest in Gold ETFs in Europe. According to the WGC, ETFs in Europe recorded inflows of around 23 tons in June."
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FXStreet Insights Team
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