As of 1341 GMT, spot gold rose 0.7% to $2,424.29 per ounce, marking a gain of over 4% for the month. Similarly, U.S. gold futures increased by 0.7% to $2,422.50.
Vaamanaa Sethi
Published31 Jul 2024, 09:58 PM IST
Gold prices today: Spot gold rose 0.7% to $2,424.29 per ounce, marking a gain of over 4% for the month.
Gold prices witnessed their best monthly performance since March on Wednesday, driven by geopolitical concerns and expectations of an interest rate cut in September, with attention turning to the U.S. Federal Reserve's upcoming policy decision.
As of 1341 GMT, spot gold rose 0.7% to $2,424.29 per ounce, marking a gain of over 4% for the month. Similarly, U.S. gold futures increased by 0.7% to $2,422.50.
Also Read | Gold Rate Today: Yellow metal trades higher ahead of US Fed policy
“Gold prices continued their positive trend, marking the fourth consecutive day of gains. MCX gold saw an increase of ₹350, trading above ₹69,250, supported by Comex gold, which remained strong above $2,420. Market participants are closely watching for a dovish stance from the US Fed's policy later this evening, with high hopes for a September rate cut. A hawkish tone from the Fed could dampen gold prices, while a surprise rate cut today could boost them further, as such a move is unexpected. The market has largely priced in one rate cut for September, but the Fed Chair Powell's comments will be crucial. Comex gold has strong support at $2,380, with major resistance at $2,435,” said Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities.
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What's weighing on gold prices?
The Fed is anticipated to keep rates unchanged as it concludes its two-day meeting today, but it may signal that a rate cut could occur as early as September.
Hamas leader Ismail Haniyeh was assassinated early Wednesday morning in Iran, according to the Palestinian militant group and Tehran. This event has led to threats of retaliation against Israel, further destabilizing a region already troubled by the Gaza war and escalating conflict in Lebanon.
Also Read | Gold rate today: Should you buy gold after the recent price drop?
Adding to the support for non-yielding bullion, the dollar index fell, and U.S. 10-year Treasury yields dropped to their lowest level in over four months.
Bank of America believes silver is likely to outperform gold due to its greater sensitivity to manufacturing activity.
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Spot silver rose 1.6% to $28.83 per ounce but is on track for a second consecutive monthly loss. Platinum increased by 1.3% to $971.55, and palladium surged 4.5% to $929, though both metals are set to end the month lower.