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Below the Quote on Gold Commentary: 30th July 2025 by Mr. Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services Ltd

Gold prices steadied as investors held back on making big bets ahead of the Federal Reserve's policy statement later in the day for cues into future rate cuts, while focus remained on U.S. trade talks ahead of the August 1 deadline. U.S. and Chinese officials agreed to seek an extension of their 90-day tariff, following two days of talks in Stockholm. However, U.S. officials said it was up to President Donald Trump to decide whether to extend a trade truce that expires on August 12 or potentially let tariffs shoot back up to triple-digit figures. Dollar index rose from 97 to 99 in just a week, this also influenced USDINR which is well above 87 once again. International Monetary Fund slightly raised its global growth forecasts for 2025 and 2026, citing stronger-than-expected buys ahead of a jump in U.S. tariffs on August 1. Meanwhile, Trump threatened tariffs and other measures on Russia "10 days from today" if Moscow showed no progress toward ending its more than three-year-long war in Ukraine. On data front, US consumer confidence was reported better than expectations but, lower than the 100 mark. Federal Reserve is widely expected to leave its benchmark interest rate in 4.25%-4.50% range at conclusion of a two-day policy meeting. However, comments from Governor Powell will be extremely important. Along with that US GDP, PCE price index, and non-farm payroll data will be in focus.

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