Global gold prices slump on profit booking ahead of Powell's speech

Back home, gold prices on Thursday hit a new high of Rs38,970/10 gms owing to a weak rupee and tumbling equities.

Aug 23, 2019 06:08 IST India Infoline News Service

Jerome Powell
Global gold prices fell ahead of the Fed Reserve Chairman's speech due later today. Jerome Powell will speek regarding the monetary policy today at Jackson Hole.

Friday saw profit booking from traders ahead of the speech. 

Traders seek clarity on the US monetary policy going forward after minutes of the US central bank’s July meeting were released on Wednesday.  

Back home, gold prices on Thursday hit a new high of Rs38,970/10 gms owing to a weak rupee and tumbling equities.

Currently, MCX Gold Oct-expiry Futures are trading down by 0.52% at Rs37,968/10 gms.  

MCX Spot Gold is at Rs37,984/10gms, down 0.47%.

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