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Gold and silver prices recovered from early lows on Thursday, supported by short covering and a weak dollar, as investors awaited US Federal Reserve Chair Jerome Powell’s speech at the Jackson Hole Symposium.

On the Multi Commodity Exchange (MCX), gold October futures rose Rs 195 or 0.20 per cent to Rs 99,109 per 10 grams, while silver September futures gained Rs 162 or 0.14% to Rs 1,12,715 per kilogram. In international markets, gold December futures settled 0.89% higher at $3,388.50 per ounce, and silver September futures ended 1.18% higher at $37.774 per ounce on Wednesday.

Analysts noted that bullion’s rebound came amid a sell-off in US equities and expectations of monetary policy cues from Powell. Minutes of the latest Federal Open Market Committee (FOMC) meeting showed caution on rate cuts, with concerns about inflation and weakening labor markets. Some Fed members, however, supported a September rate cut.

Traders expect gold to remain volatile in the near term, with support seen at $3,370–3,350 per ounce and resistance at $3,404–3,424. Silver has support at $37.40–37.15 and resistance at $38.00–38.40. In domestic markets, gold support lies at Rs 99,000–98,650, while resistance is at Rs 99,720–1,00,100. Silver support is pegged at Rs 1,11,800–1,11,100 and resistance at Rs 1,13,300–1,14,000.

The dollar index traded steady at 98.11, while the rupee ended flat at 87.09 against the US dollar. Both are expected to stay volatile ahead of Powell’s address, global equity moves, and geopolitical tensions.

Spot gold was last seen down 0.2 per cent at $3,338.89 per ounce in early Asian trade, while US gold futures for December delivery slipped 0.2 per cent to $3,381.20. Spot silver edged 0.1% lower to $37.86 per ounce.

Market watchers believe Powell’s remarks will be key to the next directional move in bullion, with any signal of rate cuts potentially pushing gold closer to the $3,400 mark.

City

24K

22K

Mumbai

Rs 10,075

Rs 9,230

Delhi

Rs  10,090

Rs 9,245

Chennai

Rs  10,075

Rs 9,230

Kolkata

Rs  10,075

Rs 9,230

Bengaluru

Rs  10,075

Rs 9,230

Gold Price in Mumbai:

In Mumbai, the price of 24-karat gold stood at Rs -10,075 per gram, while 22-karat gold was priced at Rs 9,230 per gram.

Gold Price in Delhi: 

The national capital recorded 24K gold at Rs 10,090 per gram, with 22K gold available at Rs 9,245 per gram.

Gold Price in Chennai:

Gold rates in Chennai were slightly lower, with 24K gold at Rs 10,075 per gram and 22K gold at Rs 9,230 per gram.

Gold Price in Kolkata:

In Kolkata, 24-karat gold was priced at Rs 10,075 per gram, and 22-karat gold was selling at Rs 9,230 per gram.

Gold Price in Bengaluru:

Bengaluru saw 24K gold trading at Rs 10,075 per gram, while 22K gold was available at Rs 9,230 per gram.

Gold Price in Pune:

Pune saw 24K gold trading at Rs 10,075 per gram, while 22K gold was available at 9,230 per gram.

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