Gold Rate Today: Gold down as US dollar jumps, Jackson Hole event eyed
In the international markets, spot gold eased 0.2% to $1,913.90 per ounce, while US gold futures shed 0.3% to $1,942.
Gold has risen about 1.3% so far in the week, which could be its first week of gains this month, as prices climbed to their highest since August 10 on Thursday after a retreat in US Treasury yields.
The October gold futures were trading at Rs 58,756 per 10 grams on the MCX at 9.49 a.m. and were down by Rs 55 or 0.09% from Thursday's closing price.
Meanwhile, the September Silver futures were trading at Rs 73,392 per kg and were lower by Rs 176 or 0.24% around this time.
The Federal Reserve is holding its annual symposium in Jackson Hole, Wyoming, from August 24-26.
The investors' focus is on Chair Jerome Powell's speech on Friday for confirmation on whether interest rates are going to stay higher for longer.
«Gold prices retreated on Friday, with spot gold at Comex trading down by 0.17% at $1913 per ounce in the morning session,» Saumil Gandhi, Senior Analyst (Commodities), HDFC Securities, said.
«The dollar index is rebounding from a one-week low and gained almost 0.54% on Thursday, which is limiting the upside for gold. However, gold prices are still up around 0.80% so far this week and are on track to register their first weekly gain in the previous four weeks ahead of a key speech by the Federal Reserve Chair at the Jackson Hole symposium in Wyoming, where he’s expected to offer clues on the interest-rate outlook,» Gandhi added.
Meanwhile, Comex spot gold has support at $1895 and resistance at $1945.
