Gold Price Today: MCX Gold Slips Ahead of Powell’s Jackson Hole Speech, PL Capital’s Raichura Flags Key Levels
- 22nd August 2025
- 05:30:00 PM
- 4 min read
Summary
Summary: Gold price today slipped on MCX as traders awaited Jerome Powell’s speech at the Jackson Hole symposium. October futures were down 0.07% at ₹99,369 per 10 grams, while silver price today fell 0.07% to ₹1,13,630 per kg. A stronger US dollar index and easing bets of a September Fed rate cut weighed on sentiment. PL Capital’s Sandip Raichura expects medium-term gains above $3,700/oz.
Mumbai | August 22 – Gold price today slipped in the domestic futures market on Friday as investors turned cautious ahead of US Federal Reserve Chair Jerome Powell’s closely watched remarks at the Jackson Hole symposium. With the dollar firm and uncertainty around the next policy move, bullion traded lower both in India and overseas.
On the Multi Commodity Exchange (MCX), October gold futures were 0.07% lower at ₹99,369 per 10 grams around 4:30 PM. Silver price today also edged down, with September contracts falling 0.07% to ₹1,13,630 per kg.
Dollar Strength Caps Gold’s Upside
A firmer US dollar index (DXY), which rose 0.15% and hovered near a two-week high, weighed on sentiment. A stronger greenback makes bullion more expensive for holders of other currencies, reducing demand.
Market participants are now focused on Powell’s remarks, which will be his last Jackson Hole address as Fed Chair before his term ends in 2026. Scheduled for 7:30 PM IST, the speech is expected to offer clarity on the path of Fed rate cuts, a key driver for gold and other non-yielding assets.
According to the CME FedWatch tool, the probability of a September rate cut has declined to 70% from 90% a week ago. The recalibration of expectations has dented short-term support for gold, even as concerns about US economic growth have grown.
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Signs of US Economic Strain
Fresh data from the US Labor Department showed initial jobless claims rising by 11,000 to 235,000 for the week ended August 16 — the sharpest increase since May. The uptick signalled a cooling labour market even as inflation remains above the Federal Reserve’s 2% target, leaving policy decisions finely balanced.
This combination of slowing job growth and sticky inflation has narrowed the Fed’s room to manoeuvre, heightening interest in Powell’s remarks at Jackson Hole.
PL Capital’s Sandip Raichura highlights Key MCX Levels to watch
Sandip Raichura, Executive Director at PL Capital, attributed gold’s immediate weakness to the strengthening dollar. “With the DXY index moving above 98.22 and finding support at recent lows, gold is facing short-term resistance. That is not a supportive development for bullion prices,” he said.
Raichura added that investors are seeking short-term safety in the dollar as the US economy shows signs of strain. “The markets are playing safe by taking comfort in the greenback, especially with jobless claims pointing to cracks in the labor market,” he noted.
However, Raichura remains constructive on the medium-term outlook for gold. “Dedollarisation trends, eventual dollar weakness, and rising ETF demand are strong undercurrents. These structural drivers should propel gold beyond $3,700 an ounce over the medium term, despite near-term volatility,” he added.
Outlook for Indian Investors
For domestic investors, MCX gold prices may remain under pressure until clarity emerges on Fed policy. With the rupee also trading weak against the dollar, imported bullion costs could remain elevated. Traders will watch for Powell’s comments on inflation and growth risks, which may determine whether gold prices in India regain momentum next month.
Silver is also expected to track gold’s moves in the near term. Analysts say that unless Powell signals a dovish tilt, both gold and silver could face consolidation before resuming their broader uptrend.
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PL Capital
Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.
