During the Asian trading session on July 29, 2026, precious metals spot prices in the Singapore market edged up moderately. As of 14:00 Beijing time, the SGX gold contract was at $1,980.3/oz, up $4.5 from the previous trading day; the SGX silver contract was at $28.55/oz, up $0.12. Market sentiment was cautiously optimistic, with a weaker US dollar and Asian physical buying providing support for gold and silver.
Market Drivers: US Dollar Decline and Safe-Haven Demand Synergy
The core driver of precious metal prices recently came from the macro level. The US June PCE price index released yesterday grew less than expected on a year-over-year basis, strengthening market bets that the Fed will pause rate hikes this year. The US dollar index fell under pressure to around 102.80, opening room for a precious metals rebound. At the same time, geopolitical tensions in the Middle East intensified again, with some funds flowing into safe-haven assets like gold. As a hub for Asian precious metals trading, Singapore's local gold price spread with London and New York narrowed, reflecting the resilience of regional demand.
Asian Physical Demand Recovers
Entering the second half of the year, major gold-consuming countries such as China and India are entering their traditional peak seasons. Local Singapore gold jewelers reported increased retail inquiries after the recent pullback in gold prices, with investment demand for gold coins and bars remaining active. On the silver front, the photovoltaic industry's silver usage continues to rise, with industrial inventories slightly drawn down. Latest SGX data shows that on July 28, gold inventory was 125.3 tons, down 0.5 tons from the beginning of the month; silver inventory was 1,680 tons, down 12 tons month-on-month, indicating slight holding by physical sellers.
Technical Outlook: Gold Consolidates in Range, Silver Breaks Key Resistance
From the chart perspective, gold has been oscillating in the $1,960-2,000 range for two weeks. Today's Asian session tested $1,980 and then stabilized, with the MACD forming a golden cross near the zero line, showing short-term bullish momentum. However, the psychological resistance at $2,000 is significant, awaiting guidance from tonight's US GDP data. Silver performed more strongly, breaking above the previous high of $28.5 yesterday, a level that had formed multiple resistances over the past two months. If silver can hold above $28.6, the next target is $29.0. The gold-silver ratio is currently around 69.3, down from 71.5 at the beginning of the month, indicating silver is catching up relative to gold.
Evening Focus: US GDP Data Could Be the Key to Breakout
At 20:30 Beijing time, the US Q2 real GDP annualized quarterly rate preliminary will be released, with the market expecting a rise from 1.4% to around 2.1%. If the data exceeds expectations, it may strengthen expectations of further Fed tightening, weighing on gold and silver; if it falls short, the dollar may continue to weaken, and precious metals may break resistance. In addition, core PCE data will be released this Friday, and investors should remain vigilant.
Outlook: Short-Term Bullish but Watch for Profit-Taking
Overall, gold and silver are supported in the short term by improved macro sentiment and physical demand, with a bullish bias. The $2,000 resistance for gold and $29 for silver are key levels that require more catalysts to break. If US data surprises to the upside, profit-taking could lead to a pullback. Strategically, investors are advised to focus on buying on dips within the range while monitoring position risks. SGX data shows that as of July 28, open interest in gold futures rose 3.2% month-on-month, and silver open interest rose 1.8%, indicating that bullish funds are slowly entering.
In summary, the July 29, 2026 precious metals spot prices reflect market pricing of dovish expectations, but the true trend still needs confirmation from data. Investors can use the SGX platform to track quotes in real time and adjust positions flexibly. New Gold Market News will continue to update the latest market trends and in-depth analysis for you.
