Gold price lacklustre after Trump-Zelensky meeting; Fed's Jackson Hole summit in focus; key MCX levels to watch
MCX Gold October 3 contracts traded little changed at ₹ 99,398 per 10 grams, while MCX Silver September 5 contracts were down 0.34 per cent at ₹ 1,13,202 per kg around 9:15 AM.
US President Donald Trump met with Ukrainian President Volodymyr Zelensky and several European leaders at the White House on Monday for multilateral talks after his meeting with his Russian counterpart, Vladimir Putin, on Friday.
Later, Trump announced that he had spoken with Putin and had begun organising a meeting between Putin and Zelensky, a key move toward potentially ending Russia's war in Ukraine.
Hopes are high that the Russia-Ukraine war will end soon. Easing geopolitical tensions have increased investors' risk appetites and triggered profit booking in gold.
Track Trump Zelensky Meeting LIVE updates here
The focus now is on the US Federal Reserve's annual symposium on August 21-23 at Jackson Hole for clues into possible rate cuts in September.
According to Reuters, the CME FedWatch tool projects an 84 per cent probability of a 25-basis-point rate cut at the Fed's September meeting.
"Attention is firmly on Fed Chair Jerome Powell's speech in Wyoming later this week, where traders are looking for clues on whether the US central bank will resume cutting interest rates in September. Markets currently imply an 84 per cent chance of a 25 bps rate cut next month," said Jigar Trivedi, Senior Research Analyst at Reliance Securities.
Experts expect gold and silver prices to remain volatile this week amid news flows surrounding Russia-Ukraine talks and the Fed Chairman's speech.
Trivedi expects MCX gold October futures to appreciate to ₹ 1,00,000 per 10 grams, and he sees support around the ₹ 99,300 per 10 grams level.
According to Manoj Kumar Jain, Prithvifinmart Commodity Research, gold has support at $3,364-3,340, while resistance is at $3,392-3,414 per troy ounce, and silver has support at $37.70-37.40, while resistance is at $38.24-38.55 per troy ounce in today's session.
MCX Gold has support at ₹ 99,100-98,660 and resistance at ₹ 99,770-1,00,100 while silver has support at ₹ 1,12,800-1,12,000 and resistance at ₹ 1,14,200-1,15,115, said Jain.
Jain expects gold and silver to trade in a range with a negative bias.
"Wait for some stability in the market for taking fresh positions in gold and silver," he said.
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