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Gold slips on MCX ahead of Fed Chair Kevin Warsh’s Jackson Hole speech
MCX October gold was down 0.57% to ₹1,58,085 and US December gold futures fell 0.40% to $4,627.95 per troy ounce as traders looked for policy cues.
Gold and silver prices fell in morning trade on Friday, 28 August, as investors pulled back ahead of US Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole symposium later in the day, according to LiveMint Markets.
On India’s Multi Commodity Exchange, MCX gold October contracts were down 0.57% at ₹1,58,085, while MCX silver September futures dropped 0.55% to ₹2,39,320 per kg around 9:15 AM.
Internationally, gold prices also eased as the market awaited the speech, with US gold futures for December down 0.40% to $4,627.95 per troy ounce.
The move reflects continuing pressure on gold tied to inflation and rate hike concerns, with the Fed’s current federal funds rate target range at 3.5% to 3.75% and inflation still above the central bank’s 2% target, as measured by July headline PCE increasing 3.7% year on year; LiveMint Markets also cited commentary that investors were watching for clearer policy direction and noted ongoing worries around the US-Iran conflict.
Latest closeGold $4,666.20 ▲0.6%|Silver $68.61 ▼0.0%