Gold Prices Firm in India Amid Global Economic Uncertainty

The global economic landscape remains uncertain as the US Federal Reserve's policy outlook continues to influence market sentiment. Despite keeping interest rates unchanged this week, persistent inflation concerns and rising energy prices have strengthened expectations of a potential rate hike in September.

Market participants are also keeping a close eye on geopolitical risks, particularly the recent US military strikes on Iranian targets. However, analysts note that gold has remained under pressure since the escalation of the US-Iran conflict earlier this year, as higher oil prices have fueled inflation expectations and supported the US dollar, limiting bullion's upside.

In India, retail gold prices in Delhi edged higher on August 1, with 24-karat gold priced at ₹14,023 per gram. The highest 24-karat rate during July touched ₹14,280 per gram, while the lowest stood at ₹13,655 per gram, reflecting an overall upward trend.