MCX Gold (GOLD) Rises 0.26% to ₹1,42,150 as Fed Holds Rates; Brent Crude Falls to $89.71, WTI at $83.78

MCX Gold rose 0.26% to ₹1,42,150 on July 30, 2026, after the US Federal Reserve held interest rates steady. The FOMC voted 9-3 to keep rates at 3.50%-3.75% for a fifth straight meeting. Brent crude fell 1.14% to $89.71 per barrel, while WTI slipped 0.81% to $83.78. Gold gained despite a stronger dollar and higher Treasury yields, as short covering supported prices across MCX and Comex.

Fed’s Rate Hold Lifts Gold Despite Dollar Strength

The Federal Reserve’s decision to hold rates at 3.50%-3.75% marked its fifth consecutive pause this cycle. Fed Chair Kevin Warsh’s comments on inflation kept traders cautious about future policy moves. Gold (NYSE: GOLD) still found support through short covering.

Key MCX and Comex Numbers

• August gold futures rose 0.26% to ₹1,42,150 per 10 grams on MCX.
• September silver futures fell 0.59% to ₹2,16,200 per kilogram.
• Comex spot gold traded near $4,050 per ounce during the session.
• 24K gold rose ₹82 to ₹1,44,330 per 10 grams in retail markets.

The CME FedWatch Tool now shows a 63% chance of a September rate hike, down from 81% before Wednesday’s decision. That shift in rate-hike odds gave gold a modest tailwind Thursday.

City-Wise Gold Rates Show Limited Variation

Gold prices stayed largely uniform across major Indian cities on July 30. Mumbai and Kolkata both quoted 24K gold at ₹1,44,330 per 10 grams. Delhi traded slightly higher, while Chennai matched Mumbai’s rate.

• Delhi 24K gold stood at ₹1,44,480 per 10 grams.
• Chennai 24K gold matched Mumbai and Kolkata at ₹1,44,330.
• 22K gold advanced ₹75 to ₹1,32,300 per 10 grams nationally.

This narrow city-wise spread suggests demand stayed fairly even across regional bullion markets this week. Retail buyers saw only marginal differences depending on location.

Crude Oil Pulls Back After Iran-Driven Rally

Brent crude and WTI both eased Thursday, a day after a sharp rally tied to US-Iran tensions. Brent fell 1.14% to $89.71 per barrel, while WTI dropped 0.81% to $83.78. Both benchmarks remain elevated versus year-ago levels.

• Brent crude had surged nearly 8% in the prior session on Iran tensions.
• WTI had jumped over 6% the same day before Thursday’s pullback.
• Oil prices are still up more than 20% year-on-year despite Thursday’s dip.

Falling oil prices typically ease inflation worries, which can support gold indirectly. That dynamic played a small role in Thursday’s price action alongside the Fed’s decision.

Gold’s Bigger Picture: Central Bank Buying Continues

Gold’s broader uptrend this year owes much to sustained central bank purchases. Central banks bought a net 244 tonnes of gold in Q1 2026 alone, led by China, Poland, Kazakhstan, and Uzbekistan.

• 89% of reserve managers expect global gold holdings to rise further, per a World Gold Council survey.
• XAU/USD remains above $4,021, with resistance near $4,132 on the charts.
• Gold’s one-year gain stood at 95.6% as of late January 2026.

This steady institutional demand has kept gold resilient even during periods of dollar strength. It’s a structural support level that short-term Fed moves haven’t fully offset.

Stocks and Sectors to Watch

Gold and oil price swings often ripple into related equities. Investors tracking bullion trends may also watch Indian gold financiers like Muthoot Finance and Manappuram Finance, along with oil marketing companies such as Indian Oil Corporation and Bharat Petroleum, given their sensitivity to commodity price shifts.

Meyka Analyst Feedback

Thursday’s session captured two competing forces working on precious metals and energy together. The Fed’s hold gave gold just enough room to grind higher, even against a stronger dollar and rising yields. That’s a sign of underlying demand, not just short-term positioning.

Oil’s pullback, meanwhile, looks more like profit-taking after an overheated rally than a genuine shift in the Iran risk premium. With the FedWatch Tool now pricing a lower chance of a September hike, gold could stay supported into next month, while crude remains hostage to any fresh escalation out of the Middle East.

Disclaimer:

The content shared by Meyka AI PTY LTD is for research and informational purposes only. Meyka is not a financial advisory service, and the information provided should not be treated as investment or trading advice.