Gold gains on softer dollar as markets assess Fed stance, Middle East tensions
GLD•India inflows rise as other metals advance
Elsewhere, India has seen a rise in unofficial gold inflows since the government raised import tariffs on the precious metal earlier this year, the World Gold Council said.
Among other metals, spot silver => rose 0.6% to $58.00 per ounce, platinum XPT= gained 0.7% to $1,622.53, and palladium XPD= climbed 3% to $1,283.70.
Gold rises as dollar softens and traders weigh Fed outlook
July 30 (Reuters) - Gold rose on Thursday as a softer U.S. dollar lent support, while investors weighed the Federal Reserve's decision to keep interest rates unchanged and monitored escalating tensions in the Middle East that could stoke inflationary pressures.
Spot gold XAU= rose 0.3% to $4,076.52 per ounce by 1131 GMT. U.S. gold futures GCcv1 for August delivery gained 1% to $4,074.30.
"The move (for gold) is primarily driven by a weaker U.S. dollar, with markets modestly adjusting their expectations on the next Fed moves," UBS analyst Giovanni Staunovo said.
The U.S. dollar index softened 0.2%, making greenback-priced bullion more affordable for buyers overseas. USD/
The Fed on Wednesday left its benchmark rate in the 3.50%-3.75% range, while U.S. central bank chief Kevin Warsh pledged an unwavering commitment to bring inflation down. Spot gold prices rose about 2% after the policy decision.
Middle East tensions and inflation concerns support bullion
Meanwhile, the U.S. military said it struck dozens of Islamic Revolutionary Guard Corps targets in Iran, in retaliation for Tehran firing ballistic missiles at U.S. troops in Jordan on Wednesday.
Brent crude prices climbed more than $1 a barrel on Thursday. O/R
