Gold price likely to continue downward trajectory even after Rs 1,200 fall in a week. Check target prices

Gold October futures fell 0.31% to Rs 99,000/10g, extending weekly losses to Rs 1,200; silver September contracts traded flat at Rs 1,12,506/kg.

Volatility persisted as traders awaited Powell’s Jackson Hole speech; gold hovered near $3,400, silver near $37–39.

Analysts expect an 85% probability of a September Fed rate cut, though deeper cuts remain uncertain.

On MCX, gold support is seen at Rs 99,000–98,650 and resistance at Rs 99,720–1,00,100; silver support at Rs 1,11,800–1,11,100 with upside targets of Rs 1,13,300–1,14,000.