Gold prices today: Precious metals to remain range-bound amid volatility with eyes on Powell's Jackson Hole comments

Gold, gold prices

Gold prices were subdued on August 26 in the international markets as investors adopted a cautious stance ahead of US Federal Reserve Chair Jerome Powell's speech at a key central bankers' meeting, which will be vetted for guidance on interest rate hikes.

Spot gold edged 0.2 percent lower at $1,755.09 per ounce, as of 0118 GMT. US gold futures were down 0.1 percent at $1,769.2.

At 9.53am, gold contracts were trading 0.12 percent lower on the Multi-Commodity Exchange (MCX) at Rs 51,638 per 10 grams and silver added 0.12 percent at Rs 55,458 a kilogram.

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Ravindra Rao, CMT, EPAT, VP- Head Commodity Research at Kotak Securities

COMEX gold trades marginally lower near $1770/oz after three days of positive close. Gold is rangebound as market players positon for Fed Chairman’s comments at the annual Jackson Hole Summit. The mixed trade in US dollar, bonds and equities in last few days shows that market players are unsure about Fed Chairman’s stance as inflationary concerns are countered by growth worries. Gold has inched up after taking support near $1750/oz however a sharp upside is unlikely as Fed is likely to maintain support for continuing rate hikes with inflation still out of control.

Tapan Patel, Senior Analyst (Commodities), HDFC Securities

Gold prices edged lower on Friday with spot gold prices at COMEX were trading marginal down near $1,756 per ounce in the morning trade. Gold prices declined awaiting comments from Jackson Hole symposium. Gold prices are still set for weekly gain as dollar index is off the 20 year highs.

We expect gold prices to trade sideways to up for the day with COMEX Spot gold support at $1,740 and resistance at $1,770 per ounce. MCX Gold October support lies at Rs. 51,200 and resistance at Rs. 51,800 per 10 grams.

Rahul Kalantri, VP Commodities, Mehta Equities

Gold and silver prices traded higher but off their session highs in the evening session on Thursday. Short covering in the futures market and perceived value buying in the cash market provided support to both the metals. However, the US dollar index rising from its intra-day low and crude oil prices erasing its early gains pushed the metals off their daily highs. Elevated US Treasury bond yields, bolstered by hawkish Fed expectations, also restricted gains in gold and silver prices.

We expect gold and silver prices to remain volatile in today’s session ahead of the Jackson Hole symposium. Gold has support at $1746-1731, while resistance is at $1770-1781. Silver has support at $18.95-18.78, while resistance is at $19.32-19.48. In rupee terms gold has support at Rs 51,240–51,420, while resistance is at Rs 51,910–52,080. Silver has support at Rs 54,850-54,340, while resistance is at Rs 55,980–56,410.

Nirpendra Yadav, Senior Commodity Research Analyst at Swastika Investmart

Precious metals prices retreated from the recent highs as better US GDP and strong Unemployment Claims data put pressure on higher levels. Support in precious metals from the recent Chinese stimulus faded away as investors are awaiting a fresh speech of Fed chairman Jerome Powell which is scheduled later in the day. Today's trend in precious metals may remain down. Gold has support at Rs 51450 and resistance at Rs 51900. Silver has support at Rs 54000 and resistance at Rs 56000.

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