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Gold traded higher on MCX on July 30 despite a stronger U.S. dollar and higher 10-year Treasury yields after the U.S. Federal Reserve kept interest rates unchanged. August gold futures rose 0.26% to Rs. 1,42,150. September silver futures fell 0.59% to Rs. 2,16,200. Meanwhile, Brent crude futures declined 1.14% to $89.71 per barrel. US West Texas Intermediate (WTI) edged lower by 0.81% to $83.78 per barrel.
According to the CME FedWatch Tool, traders now expect a 63% chance of a September rate hike, down from 81% before the US Federal Reserve's policy decision.
24K gold rose by Rs. 82 to Rs. 1,44,330 per 10 grams, while 22K gold also advanced by Rs. 75 to Rs. 1,32,300. By city, Mumbai and Kolkata mirrored prices at Rs. 1,44,330, while Delhi was at Rs. 1,44,480, and Chennai at Rs. 1,44,330.
US gold prices edged higher on Thursday, as markets assessed comments from US Federal Reserve Chairman Kevin Warsh on inflation after the central bank left interest rates unchanged.
Spot gold was up 0.3% at $4,076.29 per ounce. US gold futures for August delivery gained 1% to $4,073.60.
Spot silver gained 0.4% to $57.86 per ounce, and palladium rose 1.5% to $1,264.49. Platinum fell 0.6% to $1,602.34.
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"I think the markets were surprised, and somewhat disappointed by Warsh and his general approach. He seemed kind of disengaged from the need to raise interest rates," said Marex analyst Edward Meir.
"The markets have gone up to fight inflation, but he doesn't seem to be doing much, and so this has helped gold go up."
On MCX, gold has support at Rs. 1,41,100 and Rs. 1,40,400 and resistance at Rs. 1,42,650 and Rs. 1,43,300, while silver has support at Rs. 2,15,500 and Rs. 2,13,300 and resistance at Rs. 2,20,000 and Rs. 2,23,100.
