On July 30, spot gold declined 1.5% to $3,275.92 per ounce after the Federal Reserve opted to keep its policy rate unchanged at 4.25%–4.50% in a 9–2 vote and gave no clear guidance on the timing of future rate cuts.
Federal Reserve Chair Jerome Powell emphasized that a September decision on cuts is not settled, pointing to persistent risks in the labor market as a key consideration.
Stronger-than-expected U.S. economic data, including July private payrolls that surpassed forecasts, strengthened the dollar and weighed on bullion prices. U.S. gold futures fell 0.8% to $3,352.80 per ounce.
Other precious metals moved sharply lower as well: silver slipped 3.2% to $36.97 per ounce, platinum dropped 6.6% to $1,303.19, and palladium declined 4.9% to $1,196.75.