Gold and silver prices increased significantly on July 30, with Comex gold futures rising by $144 to reach $4,180 per ounce and silver gaining $1 to hit $59.17. In India, the near-month MCX gold futures contract rose by ₹1,620 per 10 grams, reaching an intraday high of ₹1,43,400, continuing its recovery after a modest gain of ₹158 in the previous session, according to livemint.com.
The price surge followed softer US inflation data, which weakened the dollar index and prompted traders to reassess expectations for future interest rate hikes. The easing inflation figures reduced pressure on the US Federal Reserve to raise rates aggressively, supporting precious metals as alternative investments. This shift in market sentiment led to a renewed buying interest in gold and silver globally and domestically.
The rise in gold and silver prices comes after a period of monthly losses, marking a reversal in trend as investors seek safe-haven assets amid economic uncertainty. The price movements reflect broader market dynamics where inflation data and currency fluctuations directly impact commodity prices. The current levels of gold and silver prices are notable compared to recent months, highlighting the metals' sensitivity to macroeconomic indicators.
The MCX gold futures contract's intraday high of ₹1,43,400 on July 30 represents a significant milestone in the metal's recovery trajectory. This price level is closely watched by market participants and could influence trading strategies and investment decisions in the Indian commodities market.