World gold prices rebounded in the trading session on July 30 after the US Federal Reserve (Fed) kept interest rates unchanged as expected by the market. The weakening USD after the Fed's decision also contributed to supporting the upward momentum of the precious metal.
As of 10:28 am Vietnam time, spot gold prices increased by 16.77 USD, equivalent to 0.42%, to 4,054.50 USD/ounce. US gold futures for August delivery increased by 0.37%, to 4,051.05 USD/ounce.
The Fed's maintenance of interest rates helps reduce pressure on gold in the short term. However, the US central bank still leaves open the possibility of maintaining a high interest rate level if inflationary pressure continues to extend. High interest rates often reduce the attractiveness of gold because the precious metal does not bring yields.
The Bloomberg Dollar Spot Index fell 0.1% after losing 0.3% in the previous session, making gold more attractive to investors holding other currencies.
On the energy market, oil prices adjusted after the previous strong increase session. Brent oil fell 1.15% to 87.08 USD/barrel, while WTI oil fell 1.11% to 83.52 USD/barrel.
Other precious metals fluctuated in opposite directions. Silver prices fell 0.40% to 57.4190 USD/ounce, platinum prices fell 1.44% to 1,595.79 USD/ounce and palladium fell 0.26% to 1,255.75 USD/ounce.
