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Gold prices slip ahead of US Fed chairman’s speech

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NEW DELHI: Gold and silver prices drifted lower in Thursday’s session since traders booked profits ahead of a speech by way of US Fed chairman Jeremy Powell. Meanwhile, a surge throughout equities also diverted finances from safe haven assets.

Powell is set to speak at a electronic Jackson Hole symposium in Thursday, where he is required to provide more insight for the US central bank’s tactic on inflation and financial policy.

Gold futures in MCX were down zero.18 per cent or Rs 94 at Rs 51,685 per 10 grms. Silver futures dipped 0.83 per cent or Rs 559 to help Rs 66,970 each kg.

Gold prices declined Rs 210 to Rs 51,963 per 10 gram in the country wide capital on Wednesday using a weak trend in the world wide market and rupee admiration, according to HDFC Securities. Silver precious metal prices also tanked Rs 1,077 to Rs 65,178 per kilos.

Globally, gold prices were being mostly unchanged after growing more than 1 per cent in the session on a weaker US dollar, as investors looked forward to a speech from Government Reserve Chairman Jerome Powell due later in the time.

Spot gold has been steady at $1,952.11 per ounce by way of 0037 GMT. US yellow metal futures rose 0.three or more per cent to $1,959.

The dollar index dropped 0.2 per cent with a near one-week low from its rivals, making yellow metal less expensive for holders of other currencies.

SPDR Gold Trust, the world’s most significant gold-backed exchange-traded fund, claimed its holdings rose zero.3 per cent to 1,252.09 tonnes on Sunday.

Silver dropped 0.6 per cent to $27.30 per ounce, platinum went up by 0.6 per cent to help $934.29, and arrhes fell 0.6 % to $2,184.69.

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