Gold price today: Gold rates fell in early trade on Wednesday, August 20, as a stronger dollar weighed on sentiment, while investors awaited the minutes of the US Federal Reserve’s last policy meeting and Fed Chair Jerome Powell’s speech at Jackson Hole on Friday.
MCX Gold October 3 contracts were down 0.05 per cent at ₹98,650 per 10 grams, while MCX Silver September 5 contracts traded 0.40 per cent lower at ₹1,10,900 per kg around 9:05 AM.
The dollar index climbed about 0.20 per cent, making bullion expensive in overseas currencies and reducing demand for it.
The focus is on the minutes of the FOMC’s July meeting, scheduled for release later today. Meanwhile, Fed Chair Jerome Powell is set to speak at the Kansas City Federal Reserve’s Jackson Hole symposium on Friday.
The event is being closely watched worldwide for signals on the US central bank’s monetary policy path amid tariffs and a rapidly changing geopolitical landscape.
The Fed is widely expected to cut rates by 25 bps in September.
On the geopolitical front, the end of the Russia-Ukraine war looks near. According to Reuters, “Ukrainian President Volodymyr Zelenskiy hailed the White House talks as a “major step forward” towards ending the war and setting up a trilateral meeting with Russian President Vladimir Putin and Trump.”
Experts highlight key MCX levels to watch
Manoj Kumar Jain of Prithvifinmart Commodity Research suggests avoiding fresh positions in gold and silver ahead of the Fed meeting minutes.
Jain said gold has support at $3,340-3,320, while resistance is at $3,370-3,389 per troy ounce. Silver has support at $37-36.80, while resistance is at $37.70-38 per troy ounce in today’s session.
MCX Gold has support at ₹98,380-98,000 and resistance at ₹99,000-99,360 while silver has support at ₹1,10,800-1,10,000 and resistance at ₹1,12,000-1,12,800, said Jain.
According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,295-3,276 while resistance is at $3,335-3,350. Silver has support at $37-36.75 while resistance is at $37.55-37.80. In INR, gold has support at ₹98,350-98,050, while resistance is at ₹99,150-99,450. Silver has support at ₹1,10,580-99,750 while resistance at ₹1,12,350, 1,12,950.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
