Gold price fall: Yellow metal slips Rs 700 to Rs 98,420/10g ahead of Fed minutes; silver tumbles Rs 800

Gold price in the present day: Gold costs declined by Rs 700 to Rs 98,420 per 10 grams within the nationwide capital on Wednesday, monitoring weak world cues amid diminished expectations of a near-term fee reduce by the US Federal Reserve. According to the All India Sarafa Association, gold of 99.9% purity had settled at Rs 99,120 within the earlier session.Gold of 99.5% purity additionally dropped, falling by Rs 600 to Rs 98,000 per 10 grams from Tuesday’s shut of Rs 98,600.Silver costs adopted swimsuit, sliding by Rs 800 to Rs 1,04,000 per kg, in contrast to Rs 1,04,800 within the earlier session, PTI reported.Stronger greenback, tariff dangers weigh on sentiment“Gold prices are experiencing selling pressure on Wednesday due to reduced expectations for a Federal Reserve rate cut in July and a strengthening US dollar,” mentioned Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.The greenback was buying and selling close to a two-week excessive as traders factored within the probability that the Fed will hold rates of interest elevated. This view has been bolstered by the chance of inflationary pressures stemming from new US import tariffs and a powerful labour market.On the worldwide entrance, spot gold declined $11.66 or 0.35% to $3,289.81 per ounce.Markets eye FOMC minutes“Gold prices dropped below $3,300 per ounce as markets balanced US interest rate cut prospects with new trade risks,” mentioned Rahul Kalantri, Vice-President of Commodities at Mehta Equities.US President Donald Trump on Tuesday dominated out an extension of the August 1 tariff deadline, asserting a contemporary set of commerce measures that embrace a 50% tariff on copper and attainable 200% duties on prescribed drugs.Kalantri added that the tariffs are anticipated to gasoline inflation, doubtlessly decreasing the possibilities of aggressive easing by the Federal Reserve. Traders at the moment are awaiting the minutes of the Fed’s June FOMC assembly for alerts on the central financial institution’s fee outlook.