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ICICI Bank Global Markets predicts domestic gold prices will maintain upward momentum in the second half of 2025, potentially reaching Rs 1,00,000 per 10 grams from the current Rs 96,500-Rs 98,500 range. Despite global price declines, Indian gold prices rose 0.6% in June due to rupee depreciation.

Investment demand remains robust with Rs 2.92 billion ETF inflows in May after two months of outflows. However, physical demand weakened as gold imports dropped to $2.5 billion in May from $3.1 billion previously.

Global gold prices stalled recently despite remaining 28% higher year-to-date. Easing geopolitical tensions following the Israel-Iran ceasefire and progress in US trade negotiations have reduced safe-haven demand, tempering further price increases.

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