Commodities
MCX Gold Price Surges Amid US Fed Rate Decision
The MCX Gold price rose by 0.26% to Rs. 1,42,150 on July 30, despite a stronger US dollar and higher 10-year Treasury yields after the US Federal Reserve kept interest rates unchanged.
August gold futures edged up as markets assessed comments from US Federal Reserve Chairman Kevin Warsh on inflation. Spot gold was also higher at $4,076.29 per ounce, with US gold futures for August delivery gaining 1% to $4,073.60.
Marex analyst Edward Meir stated that the markets were surprised and somewhat disappointed by Warsh's approach, which led to a boost in gold prices. The MCX has support at Rs. 1,41,100 and Rs. 1,40,400 for gold, while silver has support at Rs. 2,15,500 and Rs. 2,13,300.