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Daily charts attractive for gold, silver; signal upside

Gold prices opened on the Multi Commodity Exchange (MCX) on Monday at Rs 58,761 per 10 grams and hit an intraday low of Rs 58,685. In the international market, prices hovered around $1,915.3 per troy ounce. Meanwhile, Silver opened at Rs 73,668 per kg and hit an intraday low of Rs 73,522 on the MCX. The price hovered around $24.19 per troy ounce in the international market.

Manav Modi, Analyst, Commodity and Currency, MOFSL, said, “Gold prices were flat as Federal Reserve Chair Jerome Powell’s hawkish commentary doused expectations that the US rate-hiking cycle was nearing an end, with investors awaiting economic data this week for confirmation on rate trajectory.”

All expectations that the 2 per cent inflation goal long sought by the US Fed and the ECB might possibly be in for a tweaking were dashed by the chiefs of the two institutions at the Jackson Hole symposium.

Governor Powell left open the possibility of further rate increases and stressed the U.S. economy's surprising strength, though he acknowledged declines in the pace of inflation over the past year.

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