Gold price logs 1.3% weekly gain. Should you buy after Jackson Hole meeting?
Gold rate today: Following mixed trend throughout the week as investors were waiting for the final outcome of Jackson Home meeting. However, the yellow metal continue to bounced back from the lower support levels and its crucial ₹58,000 per 10 gm levels on Multi Commodity Exchange (MCX) and $1,900 per ounce levels in international market remained sacrosanct.
In fact, the precious bullion logged near 1.30 per cent weekly gain as gold prices rebounded from the lower support levels after US Fed Chairman Jerome Powell's balanced speech at Jackson Hole Symposium. On what helped gold prices to bounce back from support levels, Navneet Damani, Senior VP – Commodity Research at Motilal Oswal said, “Last week, Manufacturing and Services PMI data from major economies were reported well below estimates, supporting an up-move in bullions.
However, the number of Americans filing new claims for unemployment benefits fell for a second straight week, US Core Durables goods orders data was also reported better than expectations." Motilal Oswal expert said that ahead of the important Jackson Hole symposium, probability chart from CME Fed-Watch tool also witnessed a drop in probability for a pause in September meeting by 5 per cent to 80 per cent. Speaking on gold price outlook, Sugandha Sachdeva, Executive Director & Chief Strategist at Acme Investment Advisors said, “Gold prices advanced during the week by around 1.30% in the international markets, while in the domestic markets, gold experienced modest gains due to the rupee's appreciation.
The precious metal showcased an attempt to recoup the losses sustained in the previous week. Yet, its endeavors encountered renewed pressure as cautious investors preferred the safety of the dollar,
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