Gold prices inched up on Wednesday (July 30), supported by softer Treasury yields and a weaker dollar. Spot gold rose 0.1% to $3,328.65 per ounce at 0422 GMT. US gold futures also gained 0.1% to $3,326.10 per ounce.In India, 24 karat gold costs around ₹1 lakh for 10 grams. 22 karat gold is at ₹92,100 per 10 grams. The price for 18 karat gold stands at ₹75,360 per 10 grams, according to GoodReturns.
Kelvin Wong, Senior Market Analyst at OANDA, said, “There could be a chance that the Fed may start to tilt towards the dovish side. That is reflected in lower Treasury yields and a softer dollar for now.”
The dollar index pulled back from a one-month high. Benchmark 10-year US Treasury yields stayed near a one-month low.
Markets widely expect the Federal Reserve to hold rates steady but see a possible rate cut in September. Lower rates usually support gold.Aksha Kamboj, Vice President at India Bullion and Jewellers Association, said, “Bullion markets remain in consolidation mode ahead of tonight’s FOMC policy announcement. A dovish stance could lend support to gold or at least help stabilize prices as multiple uncertainties clear up.”
Kelvin Wong, Senior Market Analyst at OANDA, said, “There could be a chance that the Fed may start to tilt towards the dovish side. That is reflected in lower Treasury yields and a softer dollar for now.”
The dollar index pulled back from a one-month high. Benchmark 10-year US Treasury yields stayed near a one-month low.
Markets widely expect the Federal Reserve to hold rates steady but see a possible rate cut in September. Lower rates usually support gold.Aksha Kamboj, Vice President at India Bullion and Jewellers Association, said, “Bullion markets remain in consolidation mode ahead of tonight’s FOMC policy announcement. A dovish stance could lend support to gold or at least help stabilize prices as multiple uncertainties clear up.”
Rahul Kalantri, VP Commodities at Mehta Equities Ltd., said gold rebounded from recent lows after weaker US job data and a softer rupee. He noted, “Gold has support at $3,300–3,280 an ounce and resistance at $3,345–3,363 an ounce. In rupee terms, support is at ₹97,880–97,450 per 10 grams and resistance at ₹98,550–98,760 per 10 grams.”
Investors now await the Fed’s policy decision, US inflation data, and jobs reports for more direction.
–With Reuters inputs
