Gold Prices Expected to Consolidate Amid Global Economic Watch

Gold prices are anticipated to enter a phase of consolidation in the upcoming week. Investors are keenly awaiting fresh global economic data, central bankers' commentary, and geopolitical developments to gauge the metal's near-term trajectory.

Key Economic Indicators and Central Bank Speeches in Focus

Traders are closely monitoring US housing numbers, UK and Eurozone consumer price data, and provisional PMI releases from major economies. Speeches by European Central Bank President Christine Lagarde and US Federal Reserve Chair Jerome Powell at the Jackson Hole Symposium are also highly anticipated.

Market Reactions and Analyst Insights

"Gold prices may see some correction as the focus shifts to US macroeconomic data and the Federal Reserve’s upcoming meeting," said Pranav Mer of JM Financial Services. The easing of safe-haven demand, following the extension of US-China trade negotiations, has also influenced market sentiments.

Geopolitical Developments and Their Impact on Gold

Progress in US-Russia talks over Ukraine and the extension of the US-China tariff truce have reduced safe-haven buying. However, a weaker dollar and expectations of a US rate cut continue to support gold prices.

Looking Ahead

Investors are now turning their attention to US PMI data, Powell’s Jackson Hole speech, and further developments in Washington-Moscow talks, which will be crucial in shaping gold's outlook.