Gold Prices Plummet as Investors Remain Cautious After US Fed Decision

Gold and silver prices fell on July 31 as investors remained cautious after the US Federal Reserve kept its key rates unchanged. The decline in gold prices was primarily driven by softer demand in the physical market, which pressured futures trading.

The price of gold futures for October delivery on the Multi Commodity Exchange (MCX) dropped by Rs 818, or 0.56 per cent, to Rs 1,44,022 per 10 grams. The contract witnessed a business turnover of 683 lots during the session.

Market analysts said that weakness in international bullion prices also contributed to the decline. In the international market, gold futures slipped 0.69 per cent to $4,075 per ounce in New York, reflecting cautious investor sentiment.