Daily Market Report
➢ North American demand continues to be a major price driver, with gold reinforcing its status as a global
monetary asset and safe-haven hedge.
➢ Spot gold fell about 1.3% (from around $3,437 to roughly $3,388/oz) on July 23, as profit-taking followed
the risk rally.
➢ Dubai Gold & Commodities Exchange (DGCX) recorded over 1 million contracts traded by June 2025,
reflecting a 30% YoY increase in average daily volumes.
➢ US–Japan trade deal eases tariff tensions President Trump announced on July 23 a “massive” deal with
Japan, lowering reciprocal auto tariffs from 25% to 15%, along with substantial Japanese investments
estimated at $500–550 billion into the U.S.
➢ DGCX’s spot gold contract volume surged nearly 200% in H1 2025, driven largely by increased demand
for the Shariah-compliant Gold Spot Contract (DGSG).
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