Athman Gold buyers, here is your clear guide for Friday July 31. Gold has eased back about 1.2% today to around $4,060 per ounce, after a strong two-day rally that followed the Federal Reserve’s decision. But here is the good news: gold is finishing July higher — its first monthly gain in five months. Prices remain attractive, and the direction over the month has turned positive. Here is what it all means at the counter.
Today’s prices:
24K: ~$130.40/gram | 22K: ~$119.55/gram | 21K: ~$114.10/gram | 18K: ~$97.80/gram
Savings versus January all-time high ($5,597/oz):
24K: saving about $50.10/gram | On a 20g piece: about $1,002 saved | On a 50g necklace: about $2,505 saved
These remain among the most attractive gram prices of the year.
What happened this week? Three main things:
The Federal Reserve held interest rates steady on Wednesday, which initially lifted gold 2%. But Fed Chair Warsh sounded tough on inflation, so gold gave back some gains.
Inflation cooled: the Fed’s preferred measure rose just 0.1% in June, and one measure fell for the first time since April 2020. This helps gold.
The war reignited, with fresh US strikes on Iran, keeping oil and inflation risk elevated.
Why is gold easing today? After two days of gains, some buyers are taking profits, and Fed Chair Warsh’s tough talk on inflation keeps the possibility of a September rate hike alive (around 60%). But the bigger picture is positive: gold rose over the whole month.
What should buyers do?
For weddings and gifts: prices remain excellent — a 50-gram necklace is roughly $2,505 cheaper than at January’s peak. Today’s small dip is a good buying moment.
For long-term savers: central banks bought a net 41 tonnes in May, and even cautious banks like Bank of America still see $5,000 gold once the Fed stops tightening. The long-term case is strong.
For those who can wait: gold could dip a little more if the Fed stays hawkish, or rise if inflation keeps cooling. Buying in stages remains sensible.
Watch ahead: Today brings US inflation-expectations data. Next Friday (August 7) brings the July jobs report, which could shape the September rate decision and gold’s direction.
Important: The market is volatile. Please confirm the live price with us before purchasing.
Current prices: 24K — $130.40/gram | 22K — $119.55/gram | 21K — $114.10/gram
All prices USD. Friday July 31 session. Volatile — confirm live price before purchase.
