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On this day — July 23, 2025
Wednesday — a normal trading day. FOMC announcements (when scheduled) typically come on Wednesdays at 2 PM ET, often producing intraday gold volatility.
Day 204 of 365 · Q3 2025 · 55.9% through the year
July 2025 gold market: Asian physical demand underpins the rally
BullishResilient Asian physical demand underpinned the trend.
Gold stayed strong through July, supported by resilient physical demand from Asia. China and India — the world's two largest gold consumers — continued to anchor global demand, while reserve diversification and firm investor confidence kept the bull market on track.
What drove gold in July 2025
- strong physical demand from China and India
- reserve diversification
- investor confidence
- steady ETF demand
What happened next
Renewed safe-haven and ETF flows drove gold to fresh highs in August.
For gold buyers
July highlighted gold's dual engine in 2025 — Western ETF money and Eastern physical demand pulling together.
Jul 23 across the years — 2020 → 2024
| Year | Jul 23 close | vs prior | |
|---|---|---|---|
| Jul 23, 2024 | $2,412.08 | +34.03% | View |
| Jul 23, 2021 | $1,799.60 | -4.19% | View |
| Jul 23, 2020 | $1,878.30 | — | View |