Gold Prices Dip Marginally as Investors Await US Fed Chair's Remarks
Gold and silver futures opened slightly lower on the Multi Commodity Exchange (MCX) as investors await remarks from US Federal Reserve Chair Kevin Warsh at the Jackson Hole economic symposium.
The price of gold futures contracts for October expiry on MCX was down by 0.04% on an intraday basis, while MCX Silver September contracts gained 0.82% or Rs 2,023 to Rs 2,42,674 per kg.
Despite the slight dip in prices, analysts said that gold has support at Rs 1,57,600, Rs 1,57,000 while resistance at Rs 1,59,500-1,60,000 zones. MCX Silver has support at Rs 2,40,000-2,39,000 while resistance at Rs 2,44,000-2,45,000.
The rupee's appreciation also added pressure on gold prices, which dipped 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.