Gold prices at two-week low: Key triggers to watch now

Gold prices slipped to a near two-week low on Monday (July 28), tracking stronger risk sentiment after the United States and European Union struck a fresh trade pact. Spot gold eased 0.1% to $3,332.18 an ounce by early Asian hours, marking its weakest level since July 17.US gold futures also edged down to $3,331.60 per ounce.

In India, the yellow metal remained steady despite global weakness. As of Monday (July 28), 24 karat gold is priced

at ₹99,930 for 10 grams. The rate for 22 karat is ₹91,600, while 18 karat gold trades at ₹74,950 for the same weight, according to Goodreturns data.
The new framework between Washington and Brussels slashed planned import tariffs to 15%, cutting the risk of a deeper trade clash. The move brightened the mood for equities and currencies, trimming the appeal of safe-haven assets like bullion.
“Reduced trade tensions put gold under pressure. A weaker dollar cushioned some losses,” said Jigar Trivedi of Reliance Securities. The dollar index slipped 0.1%, helping offset some of gold’s decline for buyers outside the US.Markets are now bracing for a busy week. Senior US and Chinese officials meet in Stockholm on Monday to keep trade talks on track. Attention will quickly turn to the US Federal Reserve’s policy outcome mid-week. The Fed is likely to hold its key rate steady in the 4.25%–4.50% band.

Jateen Trivedi, VP Research, LKP Securities, expects prices to hover in a narrower band of ₹97,000–₹99,000 per 10 grams in the short run.

For now, traders will keep an eye on central bank signals and any fresh headlines from trade discussions to gauge the next move for gold.

–With Reuters inputs