Gold holds steady as US inflation data takes centre stage
Gold prices held steady as investors focused on upcoming US inflation data for clues on the Fed's interest rate path. Other precious metals edged higher amid global economic concerns.
Gold Market
Summaries produced by the GoldRate.info market desk from primary reporting, with sources linked on every article.
Gold prices held steady as investors focused on upcoming US inflation data for clues on the Fed's interest rate path. Other precious metals edged higher amid global economic concerns.
Gold has rallied 15% in August, supported by renewed ETF inflows, strong central bank buying, US rate expectations, Treasury buybacks and a weaker dollar.
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Vedanta has deployed portable drilling rigs at two exploration projects in Chhattisgarh, targeting gold and critical minerals such as nickel, chromium, and platinum group elements. The rigs can drill up to 1,000 metres, well beyond the typical 300-400 metre range.
Gold futures on the MCX slipped ₹120 to ₹1,63,109 per 10 grams on Tuesday as spot demand weakened. Global benchmarks also fell.
Gold holds near a four-month high after a 5% weekly gain, with traders focused on US PCE inflation data and Fed Chair Warsh's speech at Jackson Hole for policy clues.
Gold traded near $4,676 an ounce, up 7% in four sessions, as US Treasury buybacks weakened the dollar. Investors await Fed chair Kevin Warsh at Jackson Hole, while trade tensions add to safe-haven demand.