The shine of gold has dimmed this August, with prices slipping for the tenth consecutive day. After scaling record highs earlier this month, the yellow metal is now on a downward trend, leaving investors, traders and jewelers keenly watching global cues to gauge its next move. (News18 Tamil)
Gold had crossed the Rs 75,000 mark on August 6, touching an all-time high of Rs 75,760 per sovereign on August 8. But since then, the rally has reversed. As of August 18, the price of 22-carat gold stood at Rs 9,280 per gram, or Rs 74,240 per sovereign. On Sunday, prices eased further to Rs 9,235 per gram and Rs 73,880 per sovereign. Jewellers say the correction is welcome, as the decline is bringing more customers back into the market after weeks of hesitation. (News18 Tamil)
Analysts believe the current weakness is tied to global economic signals and easing geopolitical concerns. Pranab Mehar, Vice President of Commodity and Currency Research at JM Financial Services, explained, “Gold prices are likely to remain mixed next week as all eyes are on upcoming US economic data and the Federal Reserve meeting next month. Traders will be watching US housing numbers, UK and Eurozone CPI data and provisional PMI releases. Weak US data so far has pointed towards a slowdown.” (News18 Tamil)
International developments are also playing a role. Manav Modi, analyst at Motilal Oswal Financial Services, noted that the demand for safe-haven assets like gold has weakened as geopolitical tensions show signs of easing. Optimism has grown after a rare meeting between US President Donald Trump and Russian President Vladimir Putin in Alaska raised hopes of a possible ceasefire in Ukraine. Meanwhile, Washington and Beijing have extended their tariff ceasefire, hinting that trade hostilities could be cooling. (News18 Tamil)
Attention now turns to the Jackson Hole Symposium, where European Central Bank President Christine Lagarde and US Federal Reserve Chairman Jerome Powell are set to deliver speeches that could shape expectations for interest rate paths and, in turn, the trajectory of gold. With prices already sliding from historic highs, the big question for investors is whether September will bring further decline or a fresh rebound. (News18 Tamil)
