Gold futures traded higher on the Multi Commodity Exchange (MCX) on July 30, despite a stronger U.S. dollar and rising 10-year Treasury yields, after the U.S. Federal Reserve decided to keep interest rates unchanged. August gold futures rose 0.26% to Rs 1,42,150 per 10 grams. In contrast, September silver futures declined 0.59% to Rs 2,16,200, while Brent crude futures fell 1.14% to $89.71 per barrel. U.S. West Texas Intermediate (WTI) crude also edged lower by 0.81% to $83.78 per barrel.
According to the CME FedWatch Tool, market expectations for a September rate hike dropped to 63% from 81% before the Fed’s policy decision, reflecting a shift in sentiment after the central bank’s announcement.
Domestic Gold Prices
In the domestic spot market, 24-karat gold rose by Rs 82 to Rs 1,44,330 per 10 grams, while 22-karat gold advanced by Rs 75 to Rs 1,32,300. Prices remained consistent across major cities: Mumbai and Kolkata quoted Rs 1,44,330, Delhi Rs 1,44,480, and Chennai Rs 1,44,330.
U.S. Gold Prices
In the international market, gold prices edged higher on Thursday as investors assessed comments from Federal Reserve Chairman Kevin Warsh on inflation following the rate hold. Spot gold gained 0.3% to $4,076.29 per ounce, while U.S. gold futures for August delivery rose 1% to $4,073.60. Spot silver added 0.4% to $57.86 per ounce, palladium climbed 1.5% to $1,264.49, and platinum dipped 0.6% to $1,602.34.
Key Levels to Watch
Analysts noted that gold’s upward momentum was supported by a perceived lack of urgency from the Fed to raise rates. “I think the markets were surprised, and somewhat disappointed by Warsh and his general approach. He seemed kind of disengaged from the need to raise interest rates,” said Edward Meir, analyst at Marex. “The markets have gone up to fight inflation, but he doesn’t seem to be doing much, and so this has helped gold go up.”
On MCX, gold is expected to find support at Rs 1,41,100 and Rs 1,40,400, with resistance at Rs 1,42,650 and Rs 1,43,300. Silver has support at Rs 2,15,500 and Rs 2,13,300, and resistance at Rs 2,20,000 and Rs 2,23,100.
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