Gold with 99.5 per cent purity also remained stable at Rs 73,800 per 10 grams for the second day.
Internationally, Comex gold was quoted at USD 2,537.80 per ounce, down USD 9.70, while silver was quoted slightly lower at USD 29.94 per ounce on global markets.
Bullion market traders appear cautious ahead of US Federal Reserve Jerome Powell’s speech at the Jackson Hole symposium, experts said.
Even Federal Open The minutes of the Open Market Committee (FOMC) meeting released on Wednesday have influenced the buying pattern among traders. The minutes of the FOMC meeting indicated that recent progress in inflation Rising unemployment is leading to 25 basis point rate cuts at the upcoming monetary policy meeting. Gold and silver traded steadily and settled on a mixed note as most Fed members agreed to cut interest rates at the upcoming monetary policy meeting, said Rahul Kalantri, vice president at Mehta Equities. However, “some officials are still in the wait-and-watch attitude, moving according to economic data points,” said Manav Modi, senior commodity research analyst at MOFSL.
Looking to the future, traders willpower The focus is on the preliminary manufacturing and services PMI for the main economies and on the weekly unemployment claims data in the US.
Gold is likely to trade higher as anticipation mounts for Federal Reserve Chairman Jerome Powell’s speech at the Jackson Hole symposium on Friday amid a weaker dollar and lower bond yields, according to Prathamesh Mallya, vice president of non-agricultural commodities and currencies research at Angel One Ltd.
“The hope is that it will offer clues as to how deeply and quickly the Fed will begin cutting interest rates in September after raising them to a two-decade high to beat inflation,” Mallya said.
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