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Gold at Rs. 99,103 in India and $3,339.87 Globally as MCX Trades Near Rs. 99,157 Before Powell’s Speech

Gold price in India moved lower on August 21 as traders stayed cautious before Jerome Powell’s speech at the Jackson Hole meeting. The speech is expected to give clues on the US central bank’s next move on interest rates.

In the Indian market, the price of 24-karat gold stood at around Rs. 99,103 per 10 grams. For 22-karat gold, the price was about Rs. 90,844 per 10 grams. These rates marked a small drop of Rs. 217 per 10 grams from the previous day.

On the Multi-Commodity Exchange (MCX), gold prices also stayed close to these levels. The October contract traded near Rs. 99,157 per 10 grams in the morning session. The silver rate today moved slightly higher to Rs. 1,12,764 per kg.

Global Gold Trends

Globally, gold was also under pressure. The international price stood at $3,339.87 per troy ounce, down about 0.16 per cent. The US dollar stayed firm, which often hurts demand for gold, since it makes the metal more expensive for buyers using other currencies.

Traders are now looking at Powell’s speech for direction. The Fed is ready to set the tone for the markets. Any suggestion from him on the possibility of rate cuts could open up fresh buying for gold. 

A soft stance by Jerome Powell usually sweetens the deal for gold, as lower rates decrease the opportunity cost of holding the metal. If he implies that rates will stay high for longer, gold could be under pressure yet again.

Key Support and Resistance Levels

Experts pointed out some important trading levels. On MCX, gold has support around Rs. 99,000 to Rs. 98,650. Resistance stands between Rs. 99,720 and Rs. 1,00,100. Silver shows support near Rs. 1,11,800 and resistance up to Rs. 1,14,000. These levels will be key to watch in the coming sessions.

Analysts also added that global charts show gold support around $3,315 to $3,290, while resistance stands between $3,357 and $3,374. Any break above these levels may lead to stronger gains.

The minutes of the US Federal Reserve’s July meeting showed concern about inflation risks, with added pressure from ongoing tariff disputes under President Donald Trump. This uncertainty has kept investors on edge.

Some of the analysts asserted that if we hear any slight dovish hint from the Fed, that could actually push gold to the $3,400 level; in contrast, if the policy is steady, the prices will be knocked down into the $3,300 band. Then geopolitics influenced sentiments: with doubts about the progress in Ukraine negotiations and attempts at political pressure on Fed leadership, markets were rattled.

The gold market in India is moving sideways. Prices are holding steady for now, but can change suddenly depending on Powell's message at Jackson Hole. Traders are still cautious, looking at MCX levels for fresh signals.