Asia's physical Gold demand likely weak in June, demand strong in Europe – Commerzbank

FXStreet Insights Team FXStreet

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."

Author

FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

GBP/USD remains below 1.3400 as USD recovers

GBP/USD stalls its rebound and stays below 1.3400 in the European trading hours on Thursday. The pair's upside remains capped by a modest US Dollar bounce and cooler-than-expected UK inflation data amid escalating Middle East tensions.

EUR/USD stays firm above 1.1400 ahead of ECB policy decision

EUR/USD holds its upbeat momentum for the second consecutive day, above 1.1400, in the European session on Thursday. The pair stays supported ahead of the European Central Bank's interest rate decision, with any hints on further rate hikes to be closely eyed.

Gold holds losses near $4,100 on surging Oil-led inflation fears

Gold holds the pullback near the $4,100 round figure in Thursday's European session. US crude oil prices climb to a fresh six-week high toward $90 amid a further escalation of tensions between the US and Iran, fueling inflation fears and bolstering US Fed interest rate hike expectations. Hawkish Fed bets weigh negatively on the yieldless bullion.

Hyperliquid, Robinhood could lead crypto’s next bull market as DeFi and TradFi converge

The next crypto bull market could be driven by the growing convergence between blockchain-based financial infrastructure and traditional finance, according to Bitwise CIO Matt Hougan. In a report published late Tuesday, Hougan argued that crypto may be showing early signs of a market bottom, with Bitcoin gaining 9% since July 1 even as the NASDAQ 100 declined 6%.

Ripple and Stellar await direction amid cautious sentiment

Ripple and Stellar trade cautiously as both tokens hover around key technical levels. XRP is testing resistance at its 50-day EMA, while XLM continues to consolidate around the $0.187 support zone. Meanwhile, mixed derivatives data with a slight bearish tilt suggests traders remain cautious, keeping the next directional move uncertain.

US Dollar mid-year outlook: Exceptional currency, exceptional risks?

The US Dollar enters the second half of 2026 in a markedly different position from a year ago. The King currency has recovered, reflecting persistent US inflation, changing expectations for Fed policy, geopolitical tensions and renewed demand for defensive assets.