Gold prices in India remained largely unchanged on July 24, reflecting a pause in the recent rally amid easing geopolitical tensions and steady US economic indicators.
Price Snapshot
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According to FXStreet data, gold stood at Rs 9,388.78 per gram, marginally lower than Rs 9,396.91 the previous day.
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The price per tola was Rs 109,507.50, showing minimal variation from Rs 109,603.80.
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Internationally, spot gold hovered near USD 3,423 per ounce, with US Treasury yields and the Dollar Index holding firm.
Market Drivers
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US President Trump’s announcement of a trade deal with Japan and progress toward a 15% tariff agreement with the EU reduced safehaven demand.
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The Federal Reserve is expected to maintain interest rates at its July 30 meeting, despite internal calls for cuts.
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Traders are watching upcoming flash PMIs and ECB policy decisions for further cues.
Investor Sentiment
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The muted movement in gold suggests cautious optimism, with investors balancing inflation concerns against improving trade dynamics.
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Central banks continue to accumulate gold, reinforcing its role as a hedge against currency volatility and economic uncertainty.
Outlook
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Analysts expect gold to trade sideways in the near term, with potential support from any resurgence in geopolitical risks or dovish central bank signals.
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Retail demand in India may remain subdued due to elevated price levels, though longterm fundamentals stay bullish.
Sources: FXStreet, MyForex, Economic Times, Reuters.