Gold rate today: Yellow metal's prices drop; check the latest rates in your city on July 31

Gold rate today: Check the latest prices in your city on July 31

Gold prices declined on July 31. Gold's August contracts on the Multi Commodity Exchange of India (MCX) opened at Rs 98,106 per 10 grams today.

Let's check the latest prices of 10 grams of 22 carat and 24 carat gold in major cities of the country on July 31:

"Comex Gold August futures slipped to a one-month low of $3,263.9/oz yesterday after the Federal Reserve kept rates unchanged for a fifth straight meeting. Fed Chair Powell’s tone remained hawkish as he signaled no urgency for a rate cut, citing a softening labor market and inflation risks. This, coupled with stronger-than-expected US data pushed the U.S. dollar to a two-month high of 99.90. July ADP employment rose by 104K, beating estimates and marking the largest gain in 4 months. Additionally, Q2 GDP expanded 3.0% quarter-over-quarter, surpassing expectations of 2.4%. Today, gold is trading flat near $3,300 as markets now focus on upcoming US PCE and jobless claims data for further monetary policy cues, with the CME FedWatch Tool now showing a 54% probability of a 25-bps cut in September, down from 60%," said Kaynat Chainwala, AVP-Commodity Research, Kotak Securities.

Also read: India's gold demand to hit 5-year low as record prices dent jewellery sales, WGC says

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