Gold Prices Edge Lower as Investors Await US Fed Chair Remarks at Jackson Hole
Gold prices dipped marginally on the Multi Commodity Exchange (MCX) as investors awaited the remarks of US Federal Reserve Chair Kevin Warsh at the Jackson Hole economic symposium. MCX gold futures for October expiry opened 0.4% lower but regained some ground, closing down 0.04% at Rs 1,58,835 per 10 grams.
The price of 24-carat gold fell to Rs 1,58,226 per 10 grams at mid-day on the India Bullion and Jewellers Association (IBJA) data, down from Thursday's close of Rs 1,58,386. The rupee's appreciation also added pressure on gold prices, which have dropped by nearly Rs 5,000 over four sessions.
The US Personal Consumption Expenditures price index rose 3.7% in the year through July, unchanged from June and slightly above economists' forecasts. This complicates Fed expectations, with markets now cutting the chance of a September rate hike to about 36%, according to the CME FedWatch Tool.