Overview
- International spot gold traded near $4,050 per ounce on Thursday, July 30, recording a small intraday rise of about $10 that fed through to higher Pakistan retail rates.
- Pakistan’s bullion association reported a Rs1,000 per tola jump to about Rs427,436 on July 30, and 10‑gram rates moved to roughly Rs366,457 following the global uptick.
- Indian domestic futures softened on the same day, with MCX August gold around Rs141,600–Rs141,650 per 10 grams as a firmer U.S. dollar and higher Treasury yields weighed on prices.
- Analysts and market groups point to a two‑way influence: geopolitical tensions and safe‑haven buying have supported bullion, while the Fed’s cautious, data‑dependent stance raises the opportunity cost of holding non‑yielding assets.
- Longer term market structure remains important in India where the May hike to a 15% import duty has widened price gaps and, according to the World Gold Council, encouraged unofficial imports that complicate domestic availability and price transmission.