Gold Prices Dip Marginally Amid US Fed Awaited Remarks
Gold prices in India dropped marginally on August 28 as investors awaited remarks from US Federal Reserve Chair Kevin Warsh at the Jackson Hole economic symposium. The price of gold futures contracts for October expiry on the Multi Commodity Exchange (MCX) opened down 0.04% to Rs 1,58,835 per 10 grams.
However, MCX Silver September contracts gained 0.82% or Rs 2,023 to Rs 2,42,674 per kg. At mid-day, the price of 10 grams of 24-carat gold was at Rs 1,58,226, down from Rs 1,58,386 on Thursday.
The rupee's appreciation added pressure, causing gold prices to dip nearly Rs 5,000 per 10 grams over four sessions. Spot gold fell 0.5% to $4,576.30 per ounce early on Friday, while US gold futures eased 0.8% to $4,629.
Traders are awaiting cues on the US central bank's interest-rate path, with markets cutting the chance of a US rate hike in September to about 36% according to the CME FedWatch Tool. Analysts said that MCX gold has support at Rs 1,57,600, Rs 1,57,000 while resistance at Rs 1,59,500-1,60,000 zones.