Gold Prices Inch Up as Fed Decision Triggers Safe-Haven Interest
Gold prices in India have shown a slight uptick on July 30, following the global trend after the US Federal Reserve kept interest rates steady. This move has led to a weaker US dollar and fresh safe-haven interest, boosting gold prices. Domestic retail rates also showed a slight increase across major cities.
The current gold prices in India are as follows:
24 Carat: ₹14,365 per gram
22 Carat: ₹13,169 per gram
18 Carat: ₹10,777 per gram
On the Multi Commodity Exchange (MCX), gold prices surged 1.31% on a weekly basis due to escalating conflict between the US and Iran. MCX gold August futures gained 0.17%, while MCX silver September futures advanced 1.33%. Gold futures settled at Rs 1,43,066, while silver futures at Rs 2,22,301 per kg.
Market experts suggest that gold could stay erratic in the short run due to traders reacting to US inflation data and central bank remarks. However, longer-term investors view gold as a safeguard against inflationary pressure and economic instability.