Gold, Silver Prices Today: Bullion Holds Firm After Fed Pause; US-Iran Tensions Keep Safe-Haven Demand Alive | Commodity Markets Today

Gold traded with a positive bias in the international market on Thursday after the US Federal Reserve kept benchmark interest rates unchanged, while fresh geopolitical tensions in West Asia continued to underpin safe-haven demand.

Spot gold rose 0.3% to $4,076.29 an ounce, after climbing nearly 2% in the previous session. US gold futures for August delivery gained 1% to $4,073.60.

Domestic prices, however, remained under pressure. Around 9:07 am, MCX Gold August futures were trading 0.18% lower at ₹1,42,530 per 10 grams, while MCX Silver September futures declined 0.53% to ₹2,17,010 per kg.

Why Are Gold Prices Rising After the US Fed Decision?

The Federal Reserve kept interest rates unchanged at its July policy meeting, as widely expected. Chair Kevin Warsh reiterated the central bank's commitment to bringing inflation back to its target while noting that the US economy and labour market remain resilient.

According to Kotak Neo Commodity Research, a weaker US dollar after the Fed meeting helped gold recover sharply from Wednesday's intraday lows. Markets have also lowered expectations of another rate hike in September, with investors now shifting their attention to upcoming US GDP, Core PCE inflation and weekly jobless claims data for fresh policy cues.

Silver Price Today: MCX Silver Extends Losses

Bullion also found support after geopolitical tensions flared again.

US forces launched fresh strikes against Iranian targets after retaliating to missile attacks on American troops in the region, raising concerns over a wider conflict. The renewed uncertainty has kept demand for traditional safe-haven assets such as gold elevated, even as domestic bullion prices remained volatile.

Silver prices also tracked the broader trend, though profit booking in the domestic market weighed on MCX contracts.

MCX Gold, Silver Technical Outlook: Key Levels to Watch

Kotak Neo Research expects MCX Gold (October) to trade with a sideways-to-bearish bias in the ₹1,40,570-₹1,45,345 range. MCX Silver (September) is also expected to remain sideways to bearish, with an anticipated trading range of ₹2,10,320-₹2,25,090.

While the Fed's decision has eased some uncertainty around interest rates, traders are likely to remain focused on upcoming US macroeconomic data and developments in West Asia, both of which could influence the near-term direction of precious metals.

What's Next for Gold and Silver Prices?

The next move in bullion prices will largely depend on fresh economic data from the US. Investors will closely watch second-quarter GDP figures, Core PCE inflation data and weekly jobless claims for clues on whether the Federal Reserve could resume policy tightening later this year. Developments in West Asia will also remain in focus, as any escalation in the conflict could boost safe-haven demand for gold, while signs of easing tensions may limit further gains.

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