Gold Prices Surpass $4,475/oz Amid Investor Demand

Investor demand has propelled gold prices above $4,475 per ounce in July, despite central banks reducing their gold purchases by 54% to 23 tonnes. This decrease is largely attributed to China and Poland adding 20 tonnes and eight tonnes respectively, while Russia sold six tonnes.

The physically backed gold ETFs saw a net inflow of $3 billion in July, adding 23 tonnes to reach 4,068 tonnes of holdings, almost matching the official sector's net purchases. European-listed funds led this year-to-date increase of $11 billion and 39 tonnes.

Newmont reported $7.3 billion free cash flow alongside falling 2026 output guidance, while grassroots exploration budgets hit a record low as near-mine work reached an all-time high.