Gold Traders Eye Range-Bound Prices Amid Fed Rate Hopes

Gold prices are expected to trade within a broad range in September, supported by safe-haven demand and continued buying from central banks. The US Federal Reserve's interest rate movements remain a key factor influencing gold prices.

The median of estimates from nine broking firms polled by Informist puts the most active October gold futures contract on the Multi Commodity Exchange of India at INR 148,000-INR 158,000 per 10 grams. On COMEX, gold is seen in the range of $4,280-$4,700 per ounce.

Analysts believe that despite a sharp correction in August, the broader bias remains positive. However, volatility around US rates, bond yields, and the dollar may persist.