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9h ago

Gold Holds Positive Bias After Powell as Traders Eye U.S. Data and Fed Meeting

Markets look to this week’s U.S. GDP and PCE readings for clearer signals on the likelihood of a September rate cut.

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Overview

  • Comex December futures recently settled around $3,418.50 per ounce, while MCX gold reclaimed about ₹1,00,391 per 10 grams.
  • Analysts say prices are consolidating with an upward tilt as Jerome Powell’s Jackson Hole remarks boosted expectations for a September cut.
  • The next Federal Open Market Committee decision is scheduled for September 16–17, keeping rate expectations in focus.
  • A White House clarification that reports of U.S. tariffs on Swiss gold were false removed a short‑lived drag on bullion.
  • Traders are watching U.S. Q2 GDP, PCE inflation, potential Aug. 27 U.S. tariffs on India, and Russia‑Ukraine developments for the next catalysts.