Gold Prices Hold Steady Ahead of Fed Decision

Gold prices held steady on July 29 as investors awaited the U.S. Federal Reserve's interest rate decision, which is widely expected to keep rates unchanged.

The spot gold price was down 0.1% or $4.2 at $4,024.05 per ounce, while spot silver gained 0.2% to $57.23 per ounce.

Gold and silver futures on the Multi Commodity Exchange (MCX) settled 0.1% lower at Rs 1,41,530 per 10g and Rs 2,15,900 per kg, respectively.

Chris Mancini, co-portfolio manager of GLDAX, said gold is reacting to Fed rate expectations, adding that if the Fed hikes rates, the opportunity cost of holding gold will rise.