Gold Price Today: The yellow metal rate traded higher on Multi Commodity Exchange of India (MCX) today, July 30 after US Federal Reserve kept interest rates unchanged.
At 9:01 am on Thursday, the MCX gold August futures contract rose 0.09% to Rs 1,41,802 per 10 grams, while the MCX silver September futures dropped 0.51% to Rs 2,16,376 per kg.
In the global market too, gold rose after the US Federal Reserve kept interest rates unchanged, despite inflationary risks due to the Middle East war. The precious metal climbed as much as 0.8% to touch the $4,100-an-ounce mark, having gained 0.9% on Wednesday.
The Fed kept its policy rate unchanged at 3.5-3.75%, despite expectations of a hike. However, there were three dissents-the most since Sep-16 (by Kashkari, Hammack, and Logan)-in favor of a 25bps hike.
The statement was largely unchanged from the previous meeting, acknowledging solid economic activity alongside strong investment and productivity growth. It also reiterated the FOMC's intent to deliver price stability, emphasizing that the Fed under Warsh will be laser-focused on bringing down inflation.
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