Gold Prices Slip Ahead of Jackson Hole Economic Symposium
Gold prices declined marginally on the Multi Commodity Exchange (MCX) as investors awaited remarks from US Federal Reserve Chair Kevin Warsh at the Jackson Hole economic symposium.
The MCX gold futures contracts for October expiry opened in red but rebounded and were down 0.04 per cent on an intraday basis as of 12:35 pm, at Rs 1,58,835 per 10 grams.
Meanwhile, MCX Silver September contracts gained 0.82 per cent or Rs 2,023 to Rs 2,42,674 per kg.
The gold prices dipped nearly Rs 5,000 per 10 grams over four sessions as the rupee's appreciation added pressure.
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 per cent according to the CME FedWatch Tool, and keeping the probability of a December hike near 72 per cent.