Gold trades rangebound on Fed caution; Powell speech in focus

Gold futures slipped below $3370 an ounce on Friday, weighed down by a stronger US dollar and caution ahead of Fed Chair Powell?s speech at Jackson Hole. The dollar index climbed above 98.6, a near two-week high, adding pressure on bullion as traders awaited policy cues. Markets remain focused on Powell?s stance after Fed officials gave little support for a September rate cut, with inflation still above target despite signs of a cooling labor market. Geopolitical risks lingered as Russia launched its largest drone and missile attack on Ukraine in over a month, clouding hopes for peace. On MCX, October gold futures eased 0.12% to ₹99,315 per 10 grams. For the week, the metal is set to close nearly flat.

Powered by Commodity Insights