Fundamental News and Triggers
• Market attention had now been firmly fixed on a speech by Federal Reserve Chair Jerome Powell at
the Jackson Hole Symposium. Given that the labour market is robust and that inflation has
remained sticky, Powell may signal a period of higher U.S. interest rates.
• Given that rising rates increase the opportunity cost of investing in the yellow metal, any indications
of higher U.S. rates are likely to cause additional losses in the gold market. Despite a rebound this
week, gold prices are still near five-month lows, and it is anticipated that the yellow metal’s
recovery will be brief as long as U.S. rates continue to rise.
• Gold prices are consolidating in the range of 58300 to 59600 for the past few days, waiting for a
• Silver has formed a base around Rs 70000 and is heading towards Rs 73000 in the short term.
Support and Resistance
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