Gold Price Today: The yellow metal rate fell on Multi Commodity Exchange of India (MCX) today, July 31 after US Federal Reserve's decision to keep interest rates steady amid inflationary pressures from the war in the Middle East.
At 9:04 am on Thursday, the MCX gold August futures contract dipped 0.44% to Rs 1,42,439 per 10 grams, while the MCX silver September futures dropped 0.37% to Rs 2,19,144 per kg.
In contrast, gold is heading for its first monthly gain since February in global market as Japan intervened to support the yen, causing the US dollar to weaken. The precious metal was around $4,080 an ounce, to gain nearly 2% in July despite a modest retreat on Friday. Gold has also been supported by the Federal Reserve's decision to keep interest rates unchanged amid ongoing tensions in the Middle East.
TheUS dollar slid around 1% against a basket of currencies on Thursday, primarily due to Bank of Japan's measure to boost the yen ahead of its latest policy decision. This makes gold that's priced in the US currency cheaper for most buyers. A gauge of the dollar recovered modestly on Friday, climbing 0.2% as of 10:30 a.m. in Singapore.
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