Gold Price Today Live Updates: Gold prices rose on Friday as investors awaited US Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole Symposium for further clues on the extent of the September policy rate cut. MCX gold price opened above ₹71,400 per 10 grams level, while silver prices rose above ₹84,030 per kg. International gold prices, which hit an all-time high of $2,531.60 on Tuesday, have fallen nearly 1% this week on the back of a recovery in the dollar index and a rise in US 10-year Treasury yields. Central bank officials from around the world have gathered in Jackson Hole, Wyoming, for the annual economic symposium. Investors will be looking to Fed Chair Powell’s address today for clues on the timing and extent of the Fed’s rate cut and easing cycle. For the latest updates, see our gold price live blog:
Gold price today live: Price of 24-carat gold falls to ₹7,288.8 per gram
Gold price live today: Gold prices recorded a slight decline on Friday. The price of 24-carat gold is ₹7,288.8 per gram, a decrease of ₹481. The price of 22 carat gold is ₹6,676.6 per gram, a decrease of ₹440. The price change of 24 karat gold in the last week was -2.15%, while in the last month it was -3.6%.
Gold price live today: Comex gold fell by over 1% in the last session
Gold Price Live Today: Comex gold fell over 1% to below $2,490 an ounce on Thursday, buoyed by the stronger dollar and rising government bond yields, while investors took the opportunity to take profits after recent record highs, noted Jigar Trivedi, senior research analyst for currencies and commodities at Reliance Securities.
The dollar index rose 0.5% after US unemployment figures beat expectations and 10-year US Treasury yields rose. Still, the dollar index could end its fifth consecutive week of losses.
Meanwhile, data showed that initial jobless claims rose slightly more than expected in mid-August, adding to growing concerns about a slowdown in the U.S. labor market following a 818,000-job cut in nonfarm payrolls for the year ended March.
Gold Price Live Today: Gold Support at ₹70,700, Resistance at ₹72,400: Jigar Trivedi
Gold price live today: “Attentions now turn to Fed Chair Powell’s speech at the Jackson Hole Economic Symposium, with dovish signals expected that could further boost gold prices. Fed officials have shown support for a possible rate cut next month, which would lower the opportunity cost of owning gold. Most forecasts are for a 25 basis point rate cut, with some expecting as much as 50 basis points,” said Jigar Trivedi, Senior Research Analyst – Currencies and Commodities, Reliance Securities.
MCX Gold October futures could find support near ₹70,700 per 10 grams and resistance around ₹72,400 per 10 grams. Comex Gold has a psychological resistance at around $2,500 per ounce. If the dollar index continues to rise next week, we expect weakness in the yellow flour, so the forecast is bearish, Trivedi added.
Next week, the US will release consumer confidence for August and preliminary GDP for the second quarter, and finally the core PCE price index for July. From an economic data perspective, this week will therefore be crucial, he said.
Gold price live today: 76% chance of a Fed rate cut of 25 basis points in September
Gold price live today: Traders have fully priced in Fed easing next month, with the probability of a 25 basis point Fed rate cut at 76%, according to the CME FedWatch tool. A low interest rate environment tends to make gold without yield more attractive.
Gold price live today: All eyes are on Powell’s speech at the Jackson Hole Symposium
Gold price live today: Central bank officials from around the world have gathered in Jackson Hole, Wyoming, for the annual economic symposium. Market participants will focus on Federal Reserve Chairman Jerome Powell’s speech today for clues on the timing and extent of the Fed’s rate cut and monetary easing cycle.
Gold price live today: MCX gold price opens above ₹71,400 mark
Gold price live today: MCX gold prices opened above ₹71,400 level on Friday following gains in international gold prices. MCX gold price opened higher by ₹280 at ₹71,474 per 10 grams level compared to the previous closing price of ₹71,194. Silver prices on the MCX also opened higher at ₹84,567 per kg compared to the previous closing price ₹83,736.
Gold price live today: Gold prices rise ahead of Powell’s speech
Gold price live today: Gold prices rose on Friday as investors awaited Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole Symposium for further clues on the extent of the September interest rate cut.
