Gold Prices Decline Ahead of Jackson Hole Symposium
Gold prices on MCX declined by 0.51% to Rs. 1,58,189 per 10 grams on August 28 as investors booked profits ahead of US Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole symposium later in the day.
October gold futures fell while September silver futures declined 0.45% to Rs. 2,39,575. Meanwhile, Brent crude futures fell 0.43% to USD 89.31 per barrel and US West Texas Intermediate (WTI) edged lower by 0.36% to USD 83.23 per barrel.
The CME FedWatch Tool indicates markets are currently pricing in a 66.3% probability that the Fed will keep rates unchanged and a 33.7% chance of a rate hike in September.
Matt Simpson, a senior analyst at StoneX, said: 'The case for Warsh to lean hawkish is greater than the case for him not to remain dovish, and that could see gold retreat further from its cycle highs in the near term.'
Ravi Singh, Chief Research Officer at Master Capital Service, said MCX gold prices declined due to a double-top-like pattern formation near the highs suggesting prices may consolidate or retrace towards Rs. 1,55,000.