MCX Share Price: Gold and Silver Trade Lower in Stock Market Today Ahead of Powell’s Speech

Market Performance

The Indian commodities market opened weak on Friday, August 22, with gold and silver slipping in morning trade. Gold and silver slipped as investors turned cautious ahead of US Fed Chair Jerome Powell’s address at the Jackson Hole symposium.

At 12:25 PM, the price action on MCX was as follows:

• MCX Gold (October 3 contract): down 0.22% at ₹99,218 per 10 grams
• MCX Silver (September 5 contract): down 0.31% at ₹1,13,349 per kg

The losses in bullion were largely influenced by strength in the US dollar, which has been climbing steadily this week.

Global Cues Behind the Fall

The US Dollar Index inched up by 0.15%, touching a two-week high. A stronger dollar typically makes gold and silver more expensive for overseas buyers, leading to weaker demand and softer prices in global trade.

All eyes are now on Powell’s Jackson Hole address, scheduled for 10 AM EDT (7:30 PM IST). This is set to be his last Jackson Hole appearance as Fed Chair, with his term ending in May 2026. Market participants are closely watching for any policy clues that could reshape interest rate expectations.

US Economic Signals

Adding to the cautious mood, recent data pointed to fresh cracks in the American labor market.

• Jobless claims in the US rose by 11,000 to 2,35,000 for the week ended August 16.
• This marked the sharpest weekly jump in nearly three months.

The rise in unemployment claims highlights the strain in the job market, even as inflation in the US continues to hover above the 2% target. This tricky mix of slowing jobs and sticky inflation has complicated the Federal Reserve’s policy path.

Summary

The MCX share price action today reflects a blend of global and domestic factors. Gold slipped to ₹99,218 per 10 grams, while silver edged down to ₹1,13,349 per kg. The movement comes against the backdrop of a firmer dollar and investor caution ahead of Jerome Powell’s speech at Jackson Hole.

For traders and investors, the focus remains firmly on how Powell frames the Fed’s stance. With the US labor market weakening and inflation still elevated, his words may set the tone for global commodities in the weeks ahead.