BackGold prices today edge higher, silver rates rise
In global markets, gold rates today were muted ahead of Fed chief Jerome Powell's speech later in the day at the Jackson Hole symposium
PremiumGold and silver rates edged higher in Indian markets today despite muted global cues. On MCX, gold futures rose 0.4% to ₹47,430 per 10 gram while silver advanced 0.35% to ₹62,941 per kg. In the previous session gold had edged 0.15% higher while silver had slumped 0.9%. In global markets, gold rates were steady today as investors awaited Fed chief Jerome Powell's speech later in the day at the Jackson Hole symposium.
Spot gold rose 0.1% but traded below key level of $1,800 at $1,793.68 per ounce. The US dollar was firm against a basket of rivals, weighing on the precious metal. Among other precious metals, silver was flat at $23.54 per ounce, while platinum rose 0.3% to $982.52.
Domestic brokerage Geojit says gold prices are likely to remain choppy till they remain in the $1780-$1815 range and and breaking any of the sides would suggest fresh direction.
For silver, a break above $23.90 is required to lift prices higher, it added.
Gold has come off recent highs but is still holding close to the $1800/ounce level. “We may see choppy trade as market players remains non-committal ahead of Jackson Hole Symposium. However, we expect buying interest to emerge at lower levels as growth and virus concerns may challenge sustained rise in equities," says Kotak Securities.
Markets are waiting to see how Jerome Powell balances elevated inflation and recovery from the pandemic with the risk of delta virus strain that has complicated economic reopening.
The geo-political risks have also heightened following suicide bomb attack on Thursday at Kabul airport, that killed scores of civilians and at least 13 U.S. troops. US President Joe Biden has vowed retaliation for deadly blasts outside Kabul airport that stoked tension as the US evacuates from Afghanistan.
(With Agency Inputs)
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