India’s gold market delivered mixed signals through June and into early July. Domestic bullion prices rose by 0.7% to INR 95,676 per 10 grams despite a weaker-than-usual seasonal demand for jewelry. At the same time, investment appetite for gold strengthened sharply: gold exchange-traded funds (ETFs) posted their strongest monthly inflows since January, attracting INR 20.8 billion. The Reserve Bank of India also resumed small-scale bullion purchases after a three-month pause, adding 0.4 tonnes and lifting the central bank’s holdings to a record 880 tonnes. Conversely, imports of gold into India dropped significantly, plunging 26% year-on-year to $1.8 billion as elevated prices discouraged consumer buying.
