Gold and Silver price today: Precious metals gain as investors expect dovish signals from Fed policy meeting

Gold prices in India are hovering around ₹1,01,000 per 10 grams in Ahmedabad on 29 July 2025. On the Multi-Commodity Exchange (MCX), gold futures settled at ₹99,119 per 10 grams. In global markets, gold was trading at $3,326.33 an ounce at 11:00 IST.

Meanwhile, silver prices on the MCX settled at 1,13,753 per kg. Rahul Kalantri, VP Commodities, Mehta Equities Ltd, said, "Gold and silver prices rebounded from recent lows after U.S. JOLTS data for June showed job openings falling to 7.44 million, below both May’s 7.77 million and market expectations of 7.51 million."

Precious metals also found support ahead of the Fed policy meet, with markets anticipating dovish signals from Chairman Powell. Additionally, a weaker rupee and rising crude oil prices aided the recovery, although gains were capped as the dollar index reached a five-week high amid lingering tariff uncertainty. Furthermore, the recovery was driven by a decline in U.S. Treasury yields and weaker labour market data, which increased safe-haven demand.

Adding to it, Aksha Kamboj, Vice President, IBJA and Executive Chairperson, Aspect Global Ventures, said, "Bullion markets remain in consolidation mode ahead of tonight’s FOMC policy announcement, which could offer clearer direction after a prolonged phase of sideways price action. Adding to the uncertainty are several key events on the horizon, including the impending August 1 tariff deadline from the Trump administration, earnings reports from major tech firms, and critical macroeconomic data, such as GDP figures and non-farm payrolls."

"Traders are largely staying on the sidelines amid this backdrop. A dovish stance from the Fed could lend support to gold prices, or at the very least, help stabilise them in the short term as these various uncertainties begin to resolve," said Kamboj.

Meanwhile, silver edged up 0.17%. Ahead of the Fed’s 2-day policy meeting, markets are also anticipating a slowdown in July’s Nonfarm Payrolls to 102000 from June’s 147000. Despite labour softness, July’s Consumer Confidence rose to 97.2, beating forecasts. "Trade sentiment improved after U.S. Treasury Secretary Bessent confirmed ongoing tariff truce talks with China. Gold trading flat near $3,324 as traders now focus on releases, including GDP, ADP employment, and pending home sales, as well as the Fed's interest rate decision," expected to hold rates steady, stated the Kotak Securities report.