Interest in gold has returned with renewed vigor: in the first half of 2025, the inflow of funds into physically backed ETFs became the largest since 2020 - almost 400 tons. The main catalyst was a sharp rise in geopolitical and trade tensions, especially against the backdrop of increased tariff pressure from the US. Contrary to the slowdown in buying activity in May-June, Asia-listed funds posted a record share of global inflows. The increased demand lifted the total ETF-funds' holdings to the highest since August 2022, and the spot gold price has risen 26% since the beginning of the year.However, locally, the zone around the $3350 mark, which we wrote about earlier, triggered selling and a decline in quotations. Now the market is testing support in the zone of values: $3290-3300. In case the decline continues, the activity of buyers can be resumed in the area of $3250 mark.