Overview
- Gold fell about 1.76% in trading on July 24, leaving international spot near $4,050 per ounce after an early intraday drop.
- A firmer U.S. dollar and market expectations that the Federal Reserve will keep interest rates higher pushed Treasury yields up and reduced demand for non‑yielding bullion.
- Renewed U.S.–Iran hostilities and volatile oil prices provided intermittent safe‑haven support that limited deeper losses and kept prices above roughly $4,000 technical support.
- Local markets saw sharper swings: Pakistan's association reported a Rs4,600 per tola drop to Rs427,436 followed by a small Rs300 uptick the next session, while Delhi dealers cut gold by about Rs2,000 per 10 grams and some venues recorded heavy silver selling.
- Traders say the Fed policy meeting and incoming U.S. economic data are the principal near‑term catalysts that will determine whether gold stabilizes or resumes larger falls.