Gold Prices Surge on Fed Decision, Safe-Haven Demand
Gold prices in India experienced an uptick on Thursday, July 30, following a similar trend in the global bullion market after the US Federal Reserve's interest rate decision. The relatively weaker US dollar and fresh safe-haven interest contributed to the metal's increase. In domestic retail markets, gold rates saw a slight rise across major cities.
The latest bullion market update showed that 24-carat gold was priced at ₹14,365 per gram, while 22-carat gold stood at ₹13,169 per gram, and 18-carat gold at ₹10,777 per gram. The Multi Commodity Exchange (MCX) saw a positive bias with gold prices surging 1.31% on a weekly basis due to escalating tensions between the US and Iran.
On MCX, gold futures settled at Rs 1,43,066, while silver futures stood at Rs 2,22,301 per kg. Market experts suggest that gold may remain erratic in the short term, but longer-term investors view it as a safeguard against inflationary pressure and economic instability.