Gold prices drop marginally as investors await US Fed Chair remarks
2 min read
Gold and silver futures slipped about 0.4 % on the Multi Commodity Exchange initially, but recovered most of the decline as market participants looked forward to comments from US Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium.
Key Takeaways
- Gold and silver futures slipped about 0.4% on MCX before recovering as markets awaited Fed Chair Kevin Warsh’s Jackson Hole remarks.
- October gold futures traded near Rs 1,58,835 per 10 grams, while September silver rose 0.82% to Rs 2,42,674 per kg.
- 24-carat gold was quoted at Rs 1,58,226 per 10 grams, down from Rs 1,58,386 the previous day.
- Gold fell nearly Rs 5,000 per 10 grams over four sessions as rupee strength added downward pressure.
October‑expiry gold futures on MCX started the session in negative territory, rebounded slightly, and were down 0.04 % intraday at 12:35 pm, trading at ₹1,58,835 per 10 grams.
MCX September silver contracts rose 0.82 %, adding ₹2,023 to reach ₹2,42,674 per kilogram.
By midday, 24‑carat gold was quoted at ₹1,58,226 for 10 grams, down from Thursday’s ₹1,58,386, as reported by the India Bullion and Jewellers Association (IBJA).
Gold fell close to ₹5,000 per 10 grams over the last four sessions, with the rupee’s strength adding further downward pressure.
Spot gold dropped 0.5 % to $4,576.30 an ounce early Friday, and US gold futures eased 0.8 % to $4,629.
Traders are watching for signals on the Fed’s rate trajectory; the CME FedWatch Tool shows the odds of a September rate cut have fallen to roughly 36 %, while the likelihood of a December hike remains around 72 %.
The US PCE price index increased 3.7 % year‑on‑year through July, unchanged from June and a touch above the 3.6 % economists’ forecast, adding complexity to the Fed’s outlook.
Analysts noted that MCX gold finds support between ₹1,57,000 and ₹1,57,600, with resistance in the ₹1,59,500–₹1,60,000 band. For MCX silver, support lies around ₹2,39,000–₹2,40,000 and resistance around ₹2,44,000–₹2,45,000.
