Gold stays firm; Eyes on Powell`s Jackson hole speech

Published on Aug 23, 2024 14:32

Gold prices firmed up to around $2490 per ounce on Friday, supported by a drop in the dollar index, which slipped below 101.5 and is expected to lose about 1% for the week. This movement in gold prices comes as investors eagerly anticipate Fed Chair Jerome Powell�s speech at the Jackson Hole symposium, where he is expected to provide clues about the Fed�s potential policy easing in September. The weakening dollar has enhanced gold�s attractiveness as an investment, with its value rising amid concerns over the Fed�s future monetary policy. MCX October bullion futures were up by Rs 316, trading at Rs 71,510 per 10 grams, reflecting the overall positive sentiment in the gold market driven by currency fluctuations and speculation about future economic policies.