Gold and silver prices drop up to 1% on MCX due to profit booking ahead of US Fed policy decision

Gold and silver prices fell up to 1 percent on the MCX on 28 July due to profit booking and weak global cues, with the dollar index hovering near 101.5. The decline was also driven by easing geopolitical tensions after the US and Iran paused retaliatory strikes, reducing safe-haven demand. Traders are now awaiting the US Federal Reserve's policy decision on 29 July, where rates are expected to remain unchanged in the 3.50-3.75 percent range, alongside commentary from Fed Chair Kevin Warsh and upcoming US GDP and PCE inflation data.