Gold Prices Surge as US Fed Holds Rates Steady

Gold prices surged higher on July 30 as markets reacted to the US Federal Reserve's decision to hold interest rates unchanged. The international spot gold price rose 0.61% to $4,060.90 per ounce, while silver increased by 0.06% to $58.12 per ounce.

The domestic MCX spot gold closed at Rs 1,41,764 per 10 grams on July 28. The futures gold for the August contract rose 0.19% to Rs 1,42,050 per 10 grams, while silver futures for the September contract inched up 0.03% to Rs 2,17,550 per kilogram.

Analysts predict that MCX gold will trade within the Rs 1,38,000-1,44,000 range and COMEX gold is expected to remain between $3,950-$4,125 per ounce in the near term.