New Delhi [India], August 8 (ANI): Globally, gold prices edged up marginally 0.3 per cent in July at USD 3,299, when a stronger US dollar contributed to positive returns in all major currencies, according to World Gold Council.

So far in 2025, gold prices have jumped 26 per cent.

Also Read | Naigaon Shocker: Class 12 Students Morph Image of Female Teacher Into Porn, Circulate It on Instagram in Palghar Near Mumbai; 2 Booked.

The firmness in gold prices was backed by positive contribution from a global rise in inflation expectations and tariff tensions, asserted the World Gold Council report.

The uncertainties surrounding President Trump's reciprocal tariffs plan and counter-tariffs also came as a shot in the arm to international gold prices.

Also Read | DIY Rakhi Ideas for Raksha Bandhan 2025: Create Beautiful Rakhis at Home With Easily Available Materials.

"Momentum factors also contributed positively, while a stronger US dollar proved a heavy drag on returns in July," the report read.

In the month of July, global gold ETFs also continued to see inflows, dominated by North America and Europe. Asia saw slight inflows while other regions experienced mild outflows.

"It is worth noting, global inflows are currently on pace for their second strongest year on record," a separate ETF-focused WGC report noted.

Historically, gold, as an asset, is considered to be a haven as it typically manages to retain or appreciate its underlying value in times of turbulence.

Speaking of India, a key gold market, spot gold prices rose by about Rs 4,000 to Rs 103,825 per 10 grams.

Gold prices in India breached the Rs 1 lakh per 10-gram mark in June, boosted by the weakness in the domestic currency amid rising safe-haven demand.

At the time of filing this report, October gold futures prices on Multi Commodity Exchange of India (MCX) were trading at Rs 102,047 per 10 grams.

All in all, gold prices rose at an unprecedented pace in 2025. Over the past year, they have risen over 40 per cent.

Analysts say that buyers are staying away from purchasing gold jewellery or investing in the metal in the short term, owing to an unexpected rise in prices.

A top official at a major gold jewellery chain recently said that there has been a shift in preference by gold jewellery buyers with the rising prices of the yellow metal -- rising gold prices are driving customers to shift from 22-carat to 18-carat jewellery. (ANI)

(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)