Gold price today: Gold rates declined in early deals on Thursday, August 21, in the domestic futures market on tepid spot demand, a firm dollar, and caution ahead of US Fed Chair Jerome Powell’s speech in Jackson Hole on Friday morning. MCX Gold October 3 contracts were 0.18 per cent down at ₹99,129 per 10 grams around 1:20 PM. On the other hand, MCX Silver September 5 contracts were 0.06 per cent up at ₹1,12,621 per kg at that time.

The minutes of the July FOMC (Federal Open Market Committee) meeting showed that policymakers remain focused on the risk of inflation stemming from US President Donald Trump’s unpredictable tariff policies.

The focus is now on Jerome Powell’s speech at Jackson Hole on Friday morning for clues about a possible rate cut in September. While the market widely expects a 25 bps cut as labour market trends show weakness. However, inflation remains above the Fed’s 2 per cent target, creating significant uncertainty about the central bank’s next policy move.

“Minutes of the July Fed meeting showed that many Fed officials believe the full effect of tariffs could take some time. US President Donald Trump called on Federal Reserve Governor Lisa Cook to resign over mortgage allegations, intensifying his effort to gain influence over the US central bank. Focus now shifts to Governor Powell’s speech at the Jackson Hole symposium,” said Manav Modi, Analyst – Precious Metal Research, Motilal Oswal Financial Services.

The Fed has maintained the current rates since December. At present, CME’s FedWatch tool projects an 85 per cent chance of a 25 bps rate cut in September.

Fed rate cuts will be fresh triggers for gold prices, which may potentially lift them to fresh record highs.

Also Read | Jerome Powell’s Jackson Hole speech in focus: Will the US Fed signal a rate cut?

Meanwhile, the US dollar was stable, weighing on gold prices. Since gold is priced in the US dollar, a stronger US currency makes the yellow metal expensive in other currencies, reducing its demand.

Also Read | Gold prices today in your city: Check rates in Mumbai, Delhi, on August 20Experts highlight key MCX levels to watch

According to Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $3,370-3,350, while resistance is at $3,404-3,424 per troy ounce, and silver has support at $37.40-37.15, while resistance is at $38.00-38.40 per troy ounce in today’s session.

MCX Gold has support at ₹99,000-98,650 and resistance at ₹99,720-1,00,100 while silver has support at ₹1,11,800-1,11,100 and resistance at ₹1,13,300-1,14,000, said Jain.

Jain suggests buying silver on dips in the range of ₹1,11,800-1,11,200 with a stop loss of ₹1,10,450, with a target of ₹1,13,300-1,14,000.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,315-3,290 and resistance at $3,357-3,374. Silver has support at $37.55-37.35 and resistance at $38.10-38.30.

In INR, Kalantri said gold has support at ₹99,050-98,750 while resistance is at ₹99,650-99,950. Silver has support at ₹1,11,780-1,11,050 while resistance at ₹1,13,450, 1,13,950.

According to Renisha Chainani, the head of research at Augmont, gold’s next support is $3,340 ( ₹98,500), while $3,445 ( ₹1,00,500) remains the resistance. Silver prices are expected to consolidate in a range of $37( ₹1,10,500) to $39( ₹1,15,000).

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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.