Fed Chair Jerome Powell’s speech at the annual global central banking conference in Jackson Hole, Wyoming on Friday will be keenly watched for more cues on future interest rate hikes.
Gold futures on
were trading lower, down by 0.18 per cent or Rs 93 at Rs 51,324 per 10 grams. However, silver futures dropped 0.31 per cent or Rs 171 at Rs 55,036 per kg.
Gold demand in India improved last week as domestic prices dropped to a more than two-week low, while volumes were sombre in other Asian centres.
In the spot market, the highest purity gold was sold at Rs 51,421 per 10 grams while silver was priced at Rs 55,000 per kg on Tuesday, according to the Indian Bullion and Jewellers Association.
The spot prices of gold have remained below Rs 52,000-mark for the straight third session, whereas silver tumbed about Rs 3,400 per kg in since the beginning of this month.
“We expect gold prices to trade sideways to down for the day with COMEX Spot gold support at $1,730 and resistance at $1,760 per ounce. MCX Gold October support lies at Rs 51,100 and resistance at Rs 51,700 per 10 grams,” said Tapan Patel, Senior Analyst (Commodities),
Spot gold was down 0.2 per cent at $1,744.10 per ounce, as of 0317 GMT, after rising 0.7 per cent in the previous session. US gold futures eased 0.2 per cent to $1,757.70.
Spot silver fell 0.6 per cent to $19.04 per ounce, platinum dipped 0.3 per cent to $876.56, while palladium gained 0.2 per cent to $1,984.67.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)