In India, gold prices stood at ₹1 lakh per 10 grams for 24 karat, ₹92,150 per 10 grams for 22 karat, and ₹75,400 per 10 grams for 18 karat, according to Goodreturns.
By Anshul August 22, 2025, 11:21:18 AM IST (Published)
Gold prices edged lower on Friday (August 22) as a firm US dollar pressured demand, while investors turned cautious ahead of US Federal Reserve Chair Jerome Powell’s remarks at the Jackson Hole symposium that could shape expectations for future monetary policy.
Spot gold slipped 0.2% to $3,333.01 per ounce by 0353 GMT, while US gold futures for December delivery fell 0.2% to $3,376 an ounce. In India, gold prices stood at ₹1 lakh per 10 grams for 24 karat, ₹92,150 per 10 grams for 22 karat, and ₹75,400 per 10 grams for 18 karat, according to Goodreturns.
The US dollar index hovered near a two-week high, reducing gold’s appeal for overseas buyers. Market participants are awaiting Powell’s comments, scheduled for 1400 GMT, for signals on whether the Fed is inclined toward easing policy.
According to CME’s FedWatch tool, futures markets currently price in a 75% probability of a quarter-point rate cut next month.
Tim Waterer, chief market analyst at KCM Trade, noted that while the dollar is drawing some buyers, dovish signals from Powell could reverse that trend. “If Powell’s message is interpreted as a dovish shift, the USD could be undone, and gold may be on the move higher again,” he said.
Recent US data has presented mixed signals. Weekly jobless claims rose by the most in nearly three months, while earlier unemployment claims touched a near four-year high. Still, inflation remains above the Fed’s 2% target and could rise further, partly due to tariffs on imports.
In India, bullion markets mirrored the cautious global tone.
Aksha Kamboj, Vice President of the India Bullion & Jewellers Association (IBJA), said, “Waning safe-haven interest and a firming US dollar have pressured gold, resulting in modest losses in trading volumes. Technical support and short-covering could provide limited downside protection, but traders remain watchful of U.S. macroeconomic signals.”
Darshan Desai, CEO of Aspect Bullion & Refinery, added that stronger-than-expected US manufacturing data has reduced expectations of an imminent rate cut.
“Any hawkish signals from Powell regarding the future path of interest rates could intensify pressure on gold, prompting investors to lock in profits. Additionally, continued strength in the U.S. dollar poses a further headwind for the yellow metal,” he said.
Rahul Kalantri, VP Commodities at Mehta Equities, highlighted the volatility in bullion ahead of Powell’s remarks. “Gold has support at $3,310–3,285 an ounce and resistance at $3,357–3,374 an ounce. In rupee terms, gold has support at ₹99,050–98,750 per 10 grams and resistance at ₹99,650–99,950 per 10 grams,” he said.
-With Reuters inputs