Indian Gold Rate Increasing: Markets Waiting For Fed Chair Jerome Powell's Speech At Jackson Hole Symposium

The current gold market is being influenced by the ongoing 'Jackson Hole, Wyoming Federal Reserve annual symposium'. Investors and traders are eagerly waiting for Fed Chairman Jerome Powell's speech. Analysts are expecting that the US Fed will remain hawkish about its monetary policy, to stay firm against inflation. Anticipating this, global gold markets are volatile today. However, Indian gold prices gained by Rs. 650/10 grams in the past three days in India. Today, on August 26, the 22-carat gold rate stood at Rs. 47,650/10 grams, and 24-carat gold rate stood at around Rs. 51,980/10 grams, gaining by Rs. 150-160/10 grams.

International gold prices

Today, the Comex gold futures were quoted at $1,766/oz, falling by 0.30%, from the last trading day. Yesterday it was last quoted at $1,771.40/oz. The yellow metal fell by 4.10% this year in the futures market. The spot gold prices were last quoted at $1751.80/oz, falling by 0.46%, from the last trading day. The US Dollar index quoted at 108.57, was up by 0.08%. In India, the Mumbai Commodity Exchange (MCX) gold in October future was quoted at Rs. 51554/10 grams, falling by 0.29%, from the last trading day.

"Technically, October gold futures bears still have the overall near-term technical advantage. Bulls' next upside price objective is to produce a close above solid resistance at $1,800. Bears' next near-term downside price objective is pushing futures prices below solid technical support at the July low of $1,686.30. First resistance is seen at today's high of $1,769.30 and then at 1,775. First support is seen at today's low of $1,753.80 and then at Wednesday's low of $1,745.50," analyst Jim Wyckoff told Kitco News anticipating the upcoming market trend.

Gold rates are quoted differently, daily. Today's gold rates in major Indian cities follow:

City	22 carat (INR/10 Grams)	24 carat (INR/10 Grams)
Mumbai	47,650/-	51,980/-
Hyderabad	47,650/-	51,980/-
Kerala	47,650/-	51,980/-
Kolkata	47,650/-	51,980/-
Delhi	47,800/-	52,140/-
Bangalore	47,700/-	52,030/-
Chennai	48,400/-	52,800/-