Gold Prices Ease in India Amid Caution Ahead of US Fed Minutes

Gold prices in India softened slightly on August 19 as traders became cautious ahead of the US Federal Reserve's July meeting minutes. The minutes are expected to provide direction on interest rates and gold's next move.

The national price for 24-karat gold was ₹1,55,900 per 10 grams, while 22-karat gold stood at ₹1,42,910. In contrast, prices varied from city to city.

Delhi had the highest price for 24-karat and 22-karat gold among major cities at ₹15,605 and ₹14,306 respectively. Vadodara and Ahmedabad were close behind with quotes of ₹15,595 for 24-karat gold.

The pullback in gold prices was largely driven by caution rather than conviction. Traders are hesitant to build new positions ahead of the Fed minutes, keeping gold prices under pressure. The geopolitical situation remains a key driver of gold's price, with ongoing tensions between the US and Iran contributing to volatility.