Gold and silver prices have experienced significant declines, with gold reaching a two-week low, due to stronger U.S. economic data reducing expectations for interest rate cuts.

This has led to a decrease in the probability of a September rate cut. Copper prices have also fallen below $9,000/t, driven by weakening demand outlook in China, particularly in the property sector.

While physical gold demand may increase in India due to import duty cuts, the overall sentiment in the metals market remains bearish, with steel inventories in China rising and crude steel production declining.