Gold Prices Soar After Fed Keeps Interest Rates Unchanged

Gold prices rebounded on July 30 after the US Federal Reserve (Fed) kept interest rates unchanged, as expected by the market. The decision helped reduce pressure on gold in the short term and made it more attractive to investors.

The weakening USD also contributed to supporting the upward momentum of gold. As of 10:28 am Vietnam time, spot gold prices increased by $16.77, equivalent to 0.42%, to $4,054.50/ounce.

US gold futures for August delivery rose by 0.37% to $4,051.05/ounce. The Fed's decision leaves open the possibility of maintaining a high interest rate level if inflationary pressure continues.