business πͺ Gold soars; India's import rules bite silver
Gold prices are surging due to lower rate hike expectations and strong central bank buying. This trend is happening as analysts at Heraeus noted a 7% rise last week, pushing gold above $4,300/oz. Central bank reserves increased by 51 tonnes in June, with Poland and China being top buyers. Meanwhile, India's new import controls have drastically cut silver demand, with imports dropping over 92% year-on-year. This tightening of domestic availability is weakening a key source of international physical demand. πͺ