Gold Prices Plummet Amid US-Iran Tensions and Fed Decision Looming

Bullion prices plummeted on July 28 due to ongoing tensions between the US and Iran, causing oil prices to remain elevated. The international spot gold fell by 0.74% to $4,047 per ounce, while silver dropped 1.93% to $57.58 per ounce during morning trade on Comex.

The domestic MCX spot gold closed at Rs 1,43,829 per 10 grams on July 27, with futures gold for the August contract increasing by 0.03% to Rs 1,43,115 per 10 grams and silver futures for the September contract rising 0.01% to Rs 2,21,200 per kilogram from their previous close.

Market participants are now focused on the US Federal Reserve's policy decision later this week, which is expected to provide clarity on interest rates and influence bullion prices.