Physical Gold ETF Boosted by Bullish Survey Shift, Faces India Tariffs
AAAU•Wall Street turned bullish on gold for the first time in weeks as Main Street investors remained bearish despite recent price gains. India doubled tariffs on gold and silver imports, crude oil fell over 5% monthly easing inflation pressures, and a stronger U.S. dollar weighed on silver.
1. Investor Sentiment Survey Results
Wall Street turned bullish in the latest survey for the first time in weeks, with a majority of respondents optimistic on gold’s near-term outlook, while Main Street investors maintained a net bearish stance despite recent price recoveries.
2. Recent Commodity Price Movements
Gold prices rebounded late in the week, with spot gold up around 0.5% and spot silver down about 1% as a stronger U.S. dollar and a more than 5% monthly drop in crude oil eased inflation pressures and influenced metals markets.
3. India’s Tariff Hike on Precious Metals
In mid-May, India doubled import tariffs on both gold and silver to support the rupee, aiming to curb physical demand and reduce currency depreciation risks, a policy shift that could dampen global demand dynamics impacting the ETF’s underlying holdings.





