Gold Holds Firm at ₹1.47 Lakh per 10 Grams in Delhi, Silver Rebounds by ₹500
New Delhi, Jul 30: Gold prices remained steady in the national capital on Wednesday, while silver posted a modest recovery, supported by firm international market trends and cautious investor sentiment ahead of the US Federal Reserve’s monetary policy announcement.
According to the All India Sarafa Association, gold of 99.9% purity was unchanged at ₹1,47,000 per 10 grams, maintaining its previous session’s level. Silver, meanwhile, rebounded by ₹500 to ₹2,25,300 per kilogram (inclusive of all taxes) after witnessing a sharp decline in the earlier trading session.
Market participants said bullion prices largely moved within a narrow range as investors refrained from taking aggressive positions before the outcome of the Federal Reserve’s policy meeting.
Domestic Market Remains Stable
Commodity analysts noted that while global prices remained broadly firm, appreciation in the Indian rupee restricted gains in the domestic bullion market.
The stronger local currency reduced the cost of imported precious metals, limiting upward movement in gold prices despite steady international demand. Traders said the combination of currency strength and cautious buying kept the market largely unchanged throughout the day.
Silver, however, managed to recover part of its previous losses as bargain buying emerged following the recent correction.
Global Bullion Prices Stay Range-Bound
In international markets, spot gold traded around USD 4,031.73 per ounce, showing little movement during the session. Spot silver edged nearly 1% higher to USD 57.54 per ounce, reflecting renewed buying interest.
Analysts observed that investors are closely monitoring global economic developments, with most preferring to stay on the sidelines until the Federal Reserve provides fresh guidance on interest rates.
The precious metals market has remained highly sensitive to monetary policy expectations, inflation trends and currency movements over the past several weeks.
Federal Reserve Decision in Focus
Market experts believe the Federal Reserve’s policy announcement will be the key driver for bullion prices in the near term.
Investors are expected to closely analyse comments from Federal Reserve officials for signals regarding future interest rate decisions. Any indication of prolonged higher interest rates could strengthen the US dollar and limit gains in gold, while a more accommodative stance may support precious metal prices.
Analysts also pointed out that Treasury bond yields and the movement of the US dollar will remain critical indicators influencing investor sentiment in the bullion market.
Geopolitical Risks Continue to Support Gold
Apart from monetary policy, renewed geopolitical tensions in West Asia have kept safe-haven demand for gold intact.
Rising crude oil prices have revived inflation concerns across global markets, increasing uncertainty about future central bank actions. This has encouraged investors to maintain exposure to precious metals despite the absence of significant price movement.
While gold remained largely unchanged, silver’s recovery indicated improved buying interest after recent weakness.
