Mumbai / Delhi / Chennai: Gold rates across India marginally cooled despite US Spot Gold counters reporting volatile trades.
In trade on Friday, the US Spot Gold on Comex traded to levels of $1,805 for a while before retreating to $1,795 levels. A day ago, the US spot Gold slipped to $1,780 levels. The London Fix price was revised lower at $1,786.60 levels.
The trend on MCX was upbeat even as traders waited for cues from the US Federal reserve's symposium at Jackson Hole, Wyoming.
Markets await for the US Fed's observations on jobless claims, rising inflation and the likelihood of paring down on the monthly Bond buying program post the announcement of a grand infrastructure bill signed by the US Senate.
Any big announcements or observations is likely to affect the US Dollar Index as well as make or break the Gold counters.
Hints and the economic observations are likely to affect the US Dollar index as well as the Spot Gold markets. The latter has been waiting for fresh triggers to surpass levels of $1,800 per troy ounce.
In Indian markets, prices remained steady albeit for a marginal drop which has been attributed to the sudden gain that the Indian Rupee has posted. A stronger Rupee makes for slightly affordable gold rates.
A rising equity market across the globe may have also dented Gold which is usually considered as a safe haven bet. Besides, the geopolitical turmoil in Afghanistan has not spurred Gold rates as investors would have initially thought.
The Jackson Hole Symposium commences from Friday (US Time).