India’s gold market showed mixed signals in June and early July, with prices gaining 0.7% domestically to INR 95,676 per 10g despite seasonal jewelry demand weakness. Investment demand surged dramatically, with gold ETFs recording their highest monthly inflows since January at INR 20.8 billion. The Reserve Bank of India resumed modest gold purchases after a three-month pause, adding 0.4 tonnes to reach record reserves of 880 tonnes. However, gold imports plummeted 26% year-over-year to $1.8 billion as high prices deterred consumers.

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Gold/Silver Ratio Hits 61.1 — Silver’s Turn to Run
Silver is outpacing gold for the second straight day as the gold/silver ratio compresses to 61.1. With a six-year supply deficit, stagflation signals, and central bank buying accelerating, silver’s structural case is finally finding its moment.




