Precious metals faced mixed signals on Thursday as investors evaluated central bank policy alongside currency movements and geopolitical friction. While international gold saw light pressure from a firm US dollar, domestic prices in India remained tempered by a resilient rupee, which reduced landed import costs.

Gold and silver prices were volatile on the MCX on Thursday (30 July) morning amid an uptick in the US dollar and 10-year bond yields after the US Federal Reserve maintained rates steady. MCX gold August futures were almost flat at Rs 1,41,856 per 10 grams, while MCX silver September futures were 0.51% down at Rs 2,16,376 per kg.

Investors continue to keep a close eye on US-Iran tensions and supply route security in the Strait of Hormuz. However, the primary catalyst remains the Federal Reserve.

After the Fed held interest rates steady, market perception shifted. traders had priced in a firmer anti-inflation stance; the Fed’s measured tone effectively lowered real-yield fears, reviving demand for non-yielding bullion.