Gold, Silver Prices Today, July 28: Check Bullion Rates In Delhi, Mumbai, Chennai, Kolkata

Despite steady domestic prices, international bullion markets remained under pressure on Tuesday. Spot gold slipped as a stronger US dollar reduced demand for the safe-haven metal, while investors shifted their focus to the US Federal Reserve’s policy meeting for cues on future interest rates.

Silver also edged lower in global trade. The dollar held near a one-month high, making greenback-priced bullion more expensive for holders of other currencies.

What Happened

The US Federal Reserve will conclude its two-day policy meeting on Wednesday.

• In Mumbai, the price of 10 grams of 24-carat gold was Rs 1,45,840, while the price of 10 grams of 22-carat gold was Rs 1,33,710, according to figures by goodreturns.in.

• MCX gold August contract witnesses a 0.62% decline to Rs 1,42,178 per 10 grams, while MCX silver September futures fall 1.37% to Rs 2,18,139 per kg in morning trade on Tuesday.

• In the international market, spot gold fell 0.7% to $4,044.81 per ounce by 0250 GMT after rising as much as 1% on Monday.

Key Details

• US gold futures for August delivery lost 0.8% to $4,045.40.

• Among other metals, spot silver fell 1.9% to $57.30 per ounce, platinum lost 1% to $1,605.14 and palladium slid 1.6% to $1,271.09.

• “We’re oscillating in this narrow range between $3,950 and $4,200, and I think the market is just waiting for Fed signals," Ilya Spivak, head of global macro at finance content network Tastylive said as.

Why It Matters

The update is being followed closely by readers tracking finance / business in India.

• Expectations that the Fed will hold interest rates steady stand at 62%, while 38% of market participants expect at least a 25-basis-point rate hike, according to CME FedWatch — that is up from 16%.

What Reports Say

Coverage of the story so far points to:

• Continued reporting by News18 as more details emerge