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Gold hits 2-week high as dollar weakens
Gold just jumped to $3,371 per ounce—its highest in two weeks—after the US dollar slipped and President Trump announced his intention to dismiss Fed Governor Lisa Cook.
In India, 24-carat gold is now at ₹1.01 lakh per 10gm.
Cheaper to hold gold
When the dollar drops and the Fed looks shaky, people flock to gold for safety.
With Fed Chair Jerome Powell hinting at a possible September rate cut (markets see an 83% chance), holding gold gets cheaper and more attractive for investors.
Support and resistance levels
All eyes are on the PCE Price Index coming August 29, which could steer future policy moves.
For now, analysts say global support for gold sits around $3,335-$3,352 per ounce (resistance near $3,410), while in India support is at ₹99,850-₹1,00,240 with resistance up to ₹1,01,150.