Gold Prices Hold Steady Amid Global Concerns

Gold prices held steady on Tuesday (August 19) as investors awaited policy cues from the US Federal Reserve’s annual conference later this week and tracked diplomatic efforts around the Russia–Ukraine conflict.

Spot gold traded at $3,331.49 per ounce as of 0201 GMT, while US gold futures for December delivery slipped 0.1% to $3,375.40 an ounce. In India, the price of gold stood at ₹1 lakh per 10 grams for 24 karat, ₹92,350 for 22 karat, and ₹75,560 for 18 karat, according to Goodreturns data.

Market attention is now on Fed Chair Jerome Powell’s remarks at the central bank’s Jackson Hole symposium scheduled for August 21–23 in Wyoming. Traders see an 84% chance of a 25-basis-point rate cut at the Fed’s next meeting, according to the CME

FedWatch tool.

Minutes of the Fed’s July policy meeting, expected Wednesday (August 20), could also provide guidance.

Kyle Rodda, financial market analyst at Capital.com, said, “Gold is still consolidating and is really waiting for a new catalyst to break higher. I think the big event to watch is Jackson Hole and whether the Fed brings the dovish guidance or not.”

Alongside monetary policy, developments in global geopolitics remain a key driver. US President Donald Trump assured Ukrainian President Volodymyr

Zelenskiy on Monday (August 18) that Washington would guarantee Ukraine’s security in any settlement to end the war with Russia. The statement followed Trump’s meeting with Russian President Vladimir Putin in Alaska, which ended without a breakthrough.

Rodda noted that any sudden progress on a Russia–Ukraine peace deal could weigh on gold, while prolonged uncertainty would likely support prices.

Echoing similar sentiment, Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities, said, “Gold

traded flat as the US–Russia meeting over the weekend did not yield any clear resolution on the Russia–Ukraine peace process, though the tone of talks was positive. This has kept prices in a consolidative phase, as any breakthrough toward peace could pressure gold lower, while prolonged delays in resolution are likely to keep prices supported."

Providing an Indian market perspective, Aksha Kamboj, Vice President of IBJA, said, "The upcoming wedding and festival demand in India is likely to provide further fuel. Investors

are treating gold more as a hedge against market risks versus a short-term speculative opportunity.”

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