SEATTLE (Scrap Monster): The Gold Market Commentary published by the World Gold Council (WGC) provides regional market insights.
The report points to robust demand for gold in the month of July this year. The total holdings in Chinese gold ETFs witnessed notable rise during the month. The Shanghai Gold Exchange recorded elevated physical gold trading volumes, driven by rising monthly average Shanghai-London gold price spread.
In India, the demand remained tepid due to muted rural demand. The end of wedding season and higher gold import duty too contributed to the fall in demand. However, a correction in gold prices resulted in marginal improvement in retail demand in the country during the third week of July. The Indian gold ETFs saw net outflows of 0.9 tonnes during the month.
The data released by the U.S. Mint indicates that the sales of American Eagle and Buffalo gold coins totalled 104,000 oz in July, significantly below the year-to-date average of 158,000 oz. Meantime, holdings in the European gold ETFs dipped by 38 tonnes, led by major outflows from UK funds.
All regions except Asia witnessed outflows from regional ETFs. The North American funds witnessed largest decline, witnessing a dip by 50t, followed by European funds whose outflows totalled 38 tonnes.
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