Gold Rate Today Live Updates: Gold price gains ahead of US Fed Chair Jerome Powell’s speech at Jackson Hole Symposium
₹71,400 per 10 grams level, while Silver prices rose above ₹84,030 per kg level. International bullion prices that hit an all-time high of $2,531.60 on Tuesday, have fallen nearly 1% this week amid a rebound in the dollar index and rise in US 10-year Treasury yields.
Central bank officials from around the world have gathered in Jackson Hole, Wyoming, for the annual Economic Symposium. Investors will be focused on Fed Chair Powell’s address today for clues on the timing and extent of the Fed rate cut and policy easing cycle.
Catch latest updates on our gold rate live blog:Gold Rate Today Live: Comex Gold declined over 1% to below $2,490 per ounce on Thursday pressurised by a stronger dollar and rising Treasury yields while investors took the opportunity to lock in profits following recent record highs, noted Jigar Trivedi, Senior Research Analyst - Currencies & Commodities, Reliance Securities.The dollar index rose 0.5% after US jobless claims exceeded expectations, and 10-year Treasury yields increased. Nonetheless, the dollar index may finish the fifth consecutive week with losses.Meanwhile, data showed initial jobless claims rose slightly more than expected halfway through August, magnifying growing concerns of a moderating labor market in the US following the 818,000 downward revision to nonfarm payrolls for the year ending in March.Gold Rate Today Live: “Attention now turns to the Fed Chair Powell’s speech at the Jackson Hole Economic Symposium, with expectations of dovish signals that could boost gold prices further.
Fed officials have shown support for a potential rate cut next month, which would decrease the opportunity cost of holding gold. Most forecasts predict a 25-basis point rate cut, with some expecting up
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