1 month ago
Fed Holds Rates, Gold and Silver Prices Volatile on MCX
The U.S. Federal Reserve decided not to change its interest rates, which made investors nervous.
Because of this, the prices of gold and silver on the Indian market went up and down a lot.
People are also waiting for U.S. inflation data and GDP numbers.
Meanwhile, the U.S. and Iran had a new conflict that made oil prices rise, which can make prices for many things go up.
This can make the Fed think about raising rates again.
Some experts say gold is a good way to protect against rising prices, but it can lose value when rates are high.
Traders are watching key price levels to decide when to buy or sell gold and silver.
U.S. Federal Reserve kept rates steady at 3.5%–3.75% on July 29, 2024.
MCX gold futures were near ₹1,41,856 per 10 grams; silver futures at ₹2,16,376 per kg.
The U.S. dollar index hovered around 101 and 10‑year bond yields rose to 4.68%.
Markets expect a 63% chance of a rate hike at the September Fed meeting.
U.S.–Iran tensions pushed oil prices near $90 per barrel, fueling inflation worries.
- Who
- US Federal Reserve, market participants, investors, gold and silver traders
- What
- Fed kept rates steady, gold and silver prices fluctuated on MCX, and markets awaited PCE and GDP data amid rising oil prices
- Where
- MCX (India), U.S. markets, global financial markets
- When
- July 29–30, 2024
- Why
- Fed decision, inflation concerns, oil price rise, geopolitical tensions between the U.S. and Iran
Key facts
- Fed policy decision
- Rates held steady at 3.5%–3.75%
- MCX gold price
- ₹1,41,856 per 10 grams
- MCX silver price
- ₹2,16,376 per kg
- US dollar index
- ≈101
- 10‑year bond yield
- 4.68%
- Rate hike probability September
- 63%
- Oil price
- $90 per barrel
Quotes
Manoj Kumar Jain
Analyst at Prithvifinmart Commodity Research
“"We suggest long-term investors to accumulate gold and silver in every price drop, while traders can hold long positions in gold with a stop loss below ₹1,39,000 and in silver below ₹2,13,000 on a closing basis."”
livemint.com
“"The US Fed policy statement carried a hawkish undertone, with the decision passing by a 9-3 vote, as three Fed officials backed an immediate 25-basis-point rate hike."”
livemint.com









