• Gold and silver prices are staying within a narrow range as traders await significant movements in anticipation of Fed Chair Powell’s Jackson Hole speech, which could provide clues about the direction of US policy.
  • Despite indications of a weakening job market and inflation that is still above goal and susceptible to pressures from tariffs, Fed policymakers on Thursday showed scant support for a rate decrease next month, leaving markets looking to Powell’s speech for clarity.
  • With markets pricing in a 75% chance of a quarter-point cut, investors continue to view policy easing as a possibility in September.
  • Geopolitical optimism for a possible peace agreement between Russia and Ukraine waned when reports surfaced that Russia had launched its biggest drone and missile attack on Ukraine in over a month. Moscow accused Kyiv of rejecting the prospect of a “lasting and fair settlement.

Technical Triggers

  • Gold seems to continue its downward trajectory after sustaining below $3400. Next support is $3340 (~Rs 98500), while $3445 (~Rs 100,500) remains the resistance.
  • Silver prices are expected to consolidate in a range of $37(~Rs 110,500) to $39(~Rs 115,000). Buy on dips and sell on rallies.

Dr.Renisha Chainani, Head- Research, Augmont