Gold price today: Gold prices declined by Rs 700 to Rs 98,420 per 10 grams in the national capital on Wednesday, tracking weak global cues amid reduced expectations of a near-term rate cut by the US Federal Reserve. According to the All India Sarafa Association, gold of 99.9% purity had settled at Rs 99,120 in the previous session.Gold of 99.5% purity also dropped, falling by Rs 600 to Rs 98,000 per 10 grams from Tuesday’s close of Rs 98,600.Silver prices followed suit, sliding by Rs 800 to Rs 1,04,000 per kg, compared to Rs 1,04,800 in the previous session, PTI reported.Stronger dollar, tariff risks weigh on sentiment“Gold prices are experiencing selling pressure on Wednesday due to reduced expectations for a Federal Reserve rate cut in July and a strengthening US dollar,” said Saumil Gandhi, Senior Analyst – Commodities at HDFC Securities.The dollar was trading near a two-week high as investors factored in the likelihood that the Fed will keep interest rates elevated. This view has been reinforced by the possibility of inflationary pressures stemming from new US import tariffs and a strong labour market.On the international front, spot gold declined $11.66 or 0.35% to $3,289.81 per ounce.Markets eye FOMC minutes“Gold prices dropped below $3,300 per ounce as markets balanced US interest rate cut prospects with new trade risks,” said Rahul Kalantri, Vice-President of Commodities at Mehta Equities.US President Donald Trump on Tuesday ruled out an extension of the August 1 tariff deadline, announcing a fresh set of trade measures that include a 50% tariff on copper and possible 200% duties on pharmaceuticals.Kalantri added that the tariffs are expected to fuel inflation, potentially reducing the chances of aggressive easing by the Federal Reserve. Traders are now awaiting the minutes of the Fed’s June FOMC meeting for signals on the central bank’s rate outlook.