The gold price on Thursday (29/7) has the potential to strengthen, supported by the confirmation by the United States (US) central bank or the Fed that it will not raise interest rates shortly even though the US economy has improved.

"This morning the price of gold has risen again to the level of U$1815 per troy ounce. Coupled with market concerns about the condition of global COVID-19 transmission, which is still rising," said Commodity Observer Ariston Tjendra in Jakarta.

As for this Thursday, gold prices are still likely to rise to test the range around US$1,835 per troy ounce, while potential support is around US$1,800 per troy ounce.

Meanwhile, tonight the US GDP growth data for the second quarter will be released.