Gold price on Friday, August 25, stood at Rs 54,650 per 10 grams for 22-carats in the spot market. The 24-carat gold was at Rs 59,600 per 10 grams in Delhi. Silver was however down by Rs 500 to Rs 76,400 per kg.
In Mumbai, the price of 24-carat gold stood at Rs 59,450 per 10 grams, which is same as that in Kolkata and Hyderabad, according to Goodreturns.in. Also, 22-carat gold prices in Bengaluru and Chennai stood at Rs 59,450 and Rs 59,820 per 10 grams.
In Agra, 22-carat gold prices stood at Rs 54,500 per 10 grams. In Bhopal, 10 grams of 22-carat gold was at Rs 54,550.
In the futures market, gold was trading down by 0.11 per cent to Rs 58,747 per 10 grams and silver was lower by 0.30 per cent to Rs 73,350 per kg on the MCX.
In the international market also, gold was down at $1,914.4 an ounce, while silver was lower at $24.13 an ounce.
Prathamesh Mallya, deputy vice-president (research), non-agro commodities & currency, Angel One, said, “Amid a resilient dollar and rising bond yields, gold prices maintained stability on Thursday. Investors displayed caution in anticipation of US Federal Reserve Chair Jerome Powell’s address at the Jackson Hole symposium.”
He added that the symposium, an annual event, has become a focal point for insights into the US Fed’s policy direction. Powell’s speech, scheduled for Friday, is expected to shed light on the potential trajectory of interest rates.
“Despite a decrease in new claims for unemployment benefits, the tight labor market persisted, influenced by the Fed’s assertive rate adjustments. A rebounding dollar and increased US Treasury yields post the jobless claims report further eroded gold’s appeal,” Mallya.
He expects gold to trade higher towards 58,970 levels, a break of which could prompt the price to move higher to 59,030 levels.
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