Commodity Markets Watch: On July 31, Gold experienced a decline of Rs.100, settling at Rs.60,350 per 10 grams in the national capital, influenced by the downtrend in global markets for the precious metal, as reported by HDFC Securities. In the previous trading session, Gold had closed at Rs.60,450 per 10 grams.

Silver, too, faced a drop of Rs.300, reaching Rs.76,700 per kilogramme.

On the international front, gold and silver were noted at $1,955 per ounce and $24.25 per ounce, respectively.

The trajectory of Gold's movement became uncertain due to mixed U.S. economic data, casting shadows on the Federal Reserve's potential rate path, while speculations abound about the state of the economy being either overheated or too cold.

Also, the dollar index held steady above the 101 level and presently trades up by 0.11% at 101.51, exerting pressure on precious metals, analysts said.

Rupee Versus Dollar:  In today's currency market, the Indian rupee experienced a slight depreciation of 5 paise, bringing its provisional closing rate against the U.S. dollar to 82.23. This decline can be attributed to the upward surge in crude oil prices and the strength of the greenback when compared to other major currencies worldwide.

Several factors contributed to the rupee's decline. Firstly, there was an increased demand for dollars at the end of the month from importers, putting additional pressure on the local currency. Additionally, foreign capital outflows further weighed on the rupee's performance.

However, it is worth noting that the Indian currency found some support at lower levels due to the positive sentiment prevailing in the domestic equity markets. Forex traders mentioned that this positivity provided a cushion for the rupee amidst the external challenges.

The trading day began with the rupee opening at 82.23 against the U.S. dollar at the interbank foreign exchange. Ultimately, it settled at the same rate, 82.23 (provisional), marking a decrease of 5 paise compared to its previous close.

FPIs stay bullish on India; Infuse Rs 153,539 cr in 2023-24