Gold’s returns have moderated from the highs seen in early 2026. As of 15 June, international and domestic gold prices were down 4.2% and 3.7%, respectively, from the end of May. However, y-t-d performance diverges: while international prices are broadly flat, domestic prices are up around 13.2%, largely reflecting the 9.0% increase in import duty in mid-May, and the 5.3% depreciation in the INR against the US dollar. Elevated inflation concerns have led to expectations that major central banks will tighten their monetary policy; this has raised the opportunity cost of holding gold and pressured its recent ... (full story)