Gold Prices Soar as Fed Decision Fails to Disappoint
Gold prices in India rose on Thursday, July 30, as they tracked gains in the international market. According to GoodReturns, 24-carat gold was priced at ₹14,433 per gram, up ₹82 from the previous day. Meanwhile, 22-carat gold rose ₹75 to ₹13,230 per gram, while 18-carat gold gained ₹62 to ₹10,825 per gram.
The price of silver remained unchanged, with a price of ₹235 per gram or ₹2,35,000 per kilogram. The rise in gold prices was driven by news of the US Federal Reserve keeping interest rates unchanged following its latest monetary policy meeting.
Analysts pointed out that the disappointment in the overall Fed's tone had lowered expectations of a rate increase in the near future. Gold also rose due to rising geopolitical risks amid the latest strikes in Iran by the US forces, as well as a decline in crude oil prices.