Gold Prices Surge in India as International Market Gains Momentum
Gold prices in India rose on Thursday, July 30, following gains in the international market. The price of 24-carat gold increased by ₹82 to ₹14,433 per gram, while 22-carat gold rose by ₹75 to ₹13,230 per gram and 18-carat gold gained ₹62 to ₹10,825 per gram.
The prices were influenced by news from the US Federal Reserve's monetary policy meeting, where the central bank kept interest rates unchanged. This led to a decrease in expectations of a rate increase in the near future, with the CME FedWatch tool showing a 63% probability of a rate rise in September compared to the prior 81% estimate.
The US Federal Reserve's decision also came on the heels of rising geopolitical tensions amid the latest strikes in Iran by US forces. Meanwhile, crude oil prices declined due to a steady flow of tankers from the Middle East.