Bullion has surged about 31% so far this year, supported mainly by lower interest rates and widespread stimulus by global central banks to ease the economic blow from the pandemic.
The world's second-biggest consumer of the precious metal imported around 30 tonnes of gold in July, down from 39.66 tonnes a year ago.
Here is how SMC Global expects commodities to fare today.
Gold tends to gain when interest rates are low, which reduces the opportunity cost of holding non-yielding bullion. It is also seen as a hedge against inflation and uncertainty.
The dollar index rose 0.1% against its rivals, crawling further away from a more than two-year low hit last week. A stronger greenback makes gold more expensive for holders of other currencies.
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