Gold holds near £3,044 an ounce after the Federal Reserve keeps rates on hold

Gold is trading at around £3,044 per troy ounce on Thursday 30 July, roughly £97.90 per gram, after the Federal Reserve left its benchmark interest rate unchanged at 3.50 to 3.75 per cent. In dollar terms the metal briefly tested $4,100 an ounce before handing back much of that gain. Sterling figures here use an exchange rate of about 1.35 dollars to the pound.

The decision itself was widely expected, but the detail was less comfortable for gold holders. The vote was 9 to 3, with three committee members preferring an increase, and the chair, Kevin Warsh, said higher rates could become appropriate if inflation stays elevated through the forecast period. Gold pays no income, so the prospect of better returns from cash and bonds tends to cap its price.

Silver has held up rather better, trading near $58.35 an ounce on Wednesday, approximately £43.30, which pulled the gold to silver ratio down to about 70 to 1.

For UK buyers the headline spot price is only the starting point. What matters is the all-in cost: spot, plus the dealer premium on the coin or bar you choose, plus any delivery, insurance or storage fees. Comparing that total rather than the spot price alone is the practical way to judge value. This is general information and not financial advice.