World gold prices maintained a state of fluctuation in the afternoon trading session of July 29, as investors cautiously awaited the monetary policy decision of the US Federal Reserve (Fed). The weakening USD continued to support gold prices, but market sentiment remained quite cautious in the face of new signals about inflation and the interest rate roadmap.
As of about 3:40 PM Vietnam time, spot gold prices were almost flat, down 0.13 USD to 4,037.87 USD/ounce. US gold futures for August delivery fell 0.04%, to 4,037.25 USD/ounce.
The weakening USD makes gold more attractive to investors holding other currencies, while the market continues to wait for the results of the Fed meeting. High interest rates often put pressure on gold because the precious metal does not yield yields.
On the energy market, oil prices surged sharply after data showed that US crude oil inventories fell, raising expectations that supply will continue to tighten. Brent oil rose 3.18% to 84.69 USD/barrel, while WTI oil rose 3.36% to 81.92 USD/barrel.
On the precious metals market, silver prices increased by 1.21% to 57.8185 USD/ounce. Meanwhile, platinum prices fell 0.69% to 1,595.47 USD/ounce and palladium fell 0.80% to 1,263.00 USD/ounce.
