India, Philippines Gold Prices Fall as Central Banks Tighten Policy

Gold prices declined in India and the Philippines on June 19, with India dropping to INR 12,607.38 per gram and the Philippines to PHP 8,082.94 per gram. The moves follow earlier gains in Saudi Arabia, Malaysia, and Pakistan on June 18 amid safe-haven demand. Hawkish actions from the ECB, Fed, and BoE, including rate hikes and signals of further tightening, lifted yields and weighed on non-yielding bullion despite spot gold holding near $4,247.60/oz. Central-bank buying noted by Rabobank on June 17 provided some underlying support but could not offset the immediate policy-driven pressure.