Gold Prices Recover on MCX Amid Jackson Hole Expectations
On Friday, gold prices on India's Multi Commodity Exchange (MCX) opened nearly 0.4% lower but recovered from losses as investors awaited remarks from US Federal Reserve Chair Kevin Warsh at the Jackson Hole economic symposium.
Gold futures for October delivery initially dropped 0.04% to Rs 1,58,835 per 10 grams before rebounding. In contrast, silver futures for September delivery rose 0.82%, or Rs 2,023, to Rs 2,42,674 per kg.
The price of 24-carat gold stood at Rs 1,58,226 at midday, down from Rs 1,58,386 on Thursday, according to data from the India Bullion and Jewellers Association (IBJA). Gold prices have declined by nearly Rs 5,000 per 10 grams over four sessions, with the appreciation of the rupee also adding pressure.
Market participants are awaiting indications about the US central bank's interest-rate outlook. According to the CME FedWatch Tool, traders have reduced the probability of a US rate hike in September to around 36%, while the probability of a December hike remains near 72%.