Gold Prices Firm Amid Volatile Trend as Fed Keeps Interest Rates Unchanged

Gold prices in the US continued their volatile trend on July 30, 2026, as market players reacted to the Federal Reserve's decision not to change interest rates. Despite the Fed keeping interest rates at 3.50%-3.75%, gold prices remained firm, with spot gold trading near $4,080 per ounce.

The World Gold Council noted that central banks acquired a record 289 tonnes of gold in Q2 2026, which helped support prices. However, the safe-haven attraction is robust due to political tensions and anticipation of rising interest rates, restricting further upside moves in non-interest-bearing assets.

Gold prices were also influenced by geopolitical risks in the Middle East region and a weaker US dollar. In India, gold prices were robust, with August gold futures at the Multi Commodity Exchange (MCX) trading at ₹1,41,600 per 10 grams, marginally down from ₹1,41,781 per 10 grams.

Investors tracked inflation data and geopolitical developments, with market sentiment remaining cautious. Gold continued to benefit from geopolitical uncertainty and a weaker US dollar. The price of gold in the spot market was at $4,080 per ounce after reaching an intraday high of $4,116 before retracing some of its gains.