On July 28, 2026, during Asian trading, spot gold traded around $2,803/oz, up 0.3% from the previous session; spot silver stood at $34.85/oz, up 0.5%. After a strong rally, gold and silver entered a consolidation phase near highs, as the market awaits the Fed's rate decision this week for further direction.

Market Overview: Weaker USD Supports Gold & Silver

In early Asian trade, the US dollar index remained weak, falling below 104, a three-month low, lending support to dollar-denominated precious metals. Meanwhile, concerns over slowing global growth boosted safe-haven demand, with gold ETF holdings edging up. Silver, supported by industrial demand from solar and EV sectors, showed relative resilience.

Gold: Battle Near $2,800

International gold repeatedly tested above $2,800, with bulls and bears locked in fierce competition. Technically, the daily MACD shows a golden cross, but the RSI is in overbought territory, suggesting short-term correction pressure. Support is at $2,780, resistance at $2,820. Analysts say dovish Fed signals could drive gold to break recent highs.

Silver: Industrial Demand Boosts Performance

Silver benefits from the global green energy transition, with industrial demand now accounting for over 60%. Today's silver price range is $34.5-$35.2, outperforming gold. Notably, silver ETF holdings have increased for three consecutive weeks, indicating strong institutional interest. Near term, focus is on whether silver can firmly hold the $35 level.

Macro Factors: Fed Decision in Focus

Early Thursday Beijing time, the Fed will announce its latest rate decision. Markets widely expect rates to remain unchanged, but the statement may hint at a September cut. If rate cut expectations rise, the dollar would weaken, boosting gold and silver. Geopolitical tensions in the Middle East and US election uncertainty also keep safe-haven demand elevated.

Institutional Views: Consolidation to Persist

Goldman Sachs says central bank buying and retail demand for gold remain strong, but valuations are elevated in the near term, recommending buying on dips. Citi is bullish on silver, raising its target to $38. Domestically, the main Shanghai gold futures contract is at 640 yuan/gram, and main Shanghai silver futures at 8,500 yuan/kg, with the spread narrowing.

Today's Live Prices at a Glance

  • International Spot Gold: $2,803.20/oz (+0.3%)
  • International Spot Silver: $34.85/oz (+0.5%)
  • Shanghai Gold Exchange Au99.99: 639.80 yuan/g
  • Shanghai Futures Exchange Main Silver: 8,512 yuan/kg
  • US Dollar Index: 103.92 (-0.15%)

Overall, gold and silver spot prices lack a clear near-term catalyst for a breakout, and market sentiment is cautious. Investors can watch tonight's US consumer confidence index and subsequent Fed officials' speeches. Operationally, maintain flexibility and control positions.

(This article is for reference only and does not constitute investment advice. Investment carries risks; enter the market with caution.)