Overview
- Global spot gold eased about $10 to roughly $4,040 per ounce on Wednesday, while MCX gold futures in India fell about 0.8–0.9 percent as markets dialed back risk ahead of the Fed decision.
- Analysts say the Federal Reserve meeting is the main short-term trigger because any signal on future interest rates would push the dollar and Treasury yields in ways that move bullion.
- The World Gold Council reported 18.1 tonnes of net ETF inflows for the week ended July 24, and physical holdings remain near 4,000 tonnes, which together give prices a stabilizing base even as trading turns cautious.
- Local retail prices tracked global weakness: Chennai rates fell by ₹480 per sovereign and Pakistani dealers cut the 24-karat tola price by Rs1,000, reflecting quick transmission from international markets to city- and country-level rates.
- Silver is trading in a narrow $55–62 per ounce range and will likely follow the dollar, yields, and oil for direction; market participants will watch the Fed statement and incoming US inflation and jobs data for the next clear signal.