The World Gold Council reported that gold prices experienced moderate gains in July. The London Bullion Market Association (LBMA) afternoon fixing price rose 0.3% in USD terms, while the Shanghai Gold Exchange afternoon benchmark price (SHAUPM) increased 0.5% in RMB terms. Despite the strengthening US dollar's negative impact, gold prices remained resilient overall as inflation concerns and multiple risk factors provided offsetting support throughout July. Year-to-date in 2025, RMB-denominated gold prices have accumulated gains of over 22%, significantly outperforming most domestic assets.

Looking ahead, the association noted that gold jewelry consumption is entering its traditional peak season, with upstream physical demand expected to improve further. However, consumer purchasing power remains a key factor to monitor. Gold price movements and risk appetite will influence investment demand, with potential for equity market strength to temporarily divert some investor attention. The investment appeal of gold bars and coins will depend on gold price performance and shifts in market sentiment.