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On this day — July 29, 2025

Tuesday — a normal trading day. Tuesday is also when the CFTC publishes Commitments of Traders data for the prior week, often producing intraday movement.

Day 210 of 365 · Q3 2025 · 57.5% through the year

July 2025 gold market: Asian physical demand underpins the rally

Bullish

Resilient 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
Themes#Asian demand#physical demand#reserve diversification

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.