Gold prices fell for the fifth consecutive day today, which is close to the lowest level of this month.

“COMEX gold traded lower on the back of a firming US dollar and higher bond yields. Amid growing concerns about the health of the European and Chinese economy and heavy comments from Fed officials,” said Ravindra Rao, VP – Head Commodity Research, Kotak Securities. The US dollar index backed by safe haven trades higher in mid-July.”

gold rates We are sensitive to rising US interest rates, as these increase the opportunity cost of holding non-yielding bullion. Gold traders will focus on Fed Chairman Jerome Powell’s comments when he addresses the annual global gathering of central bankers in Jackson Hole, Wyoming, on Friday.

“The key event this week will be the Jackson Hole Symposium on Thursday and Friday. Fed Chair Powell will speak at the event on Friday. He will use the opportunity to re-examine market expectations of the Fed’s policy path,” IFA Global said in a note. Can do.

Meanwhile, holdings of SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, rose 0.32% to 989.01 tonnes from 985.83 tonnes on Thursday.

“However, supporting gold prices is global growth, continuing inflation concerns and geopolitical tensions. ETF inflows showed some buying interest. However, the momentum was modest and we need more evidence that investors may re-enter Gold may remain under pressure as we see a change in the US dollar’s protection from a risky asset, said Ravindra Rao of Kotak Securities.

sovereign gold bond

Meanwhile, the latest installment of the Government of India sovereign gold bond The open plan issue price for subscription from today is fixed at 5,197 per gram of gold while investors who apply online and pay through digital mode get a discount 50 per gram.

first article