All eyes will be on Fed Chair Powell's address at Jackson Hole this week as the MCX Gold October fut

This week, key attention will be paid to Fed Chair Powell's address in Jackson Hole for additional indications of the trend of rate increases.

By Jigar Trivedi

After rising for four straight weeks, MCX Gold October futures closed the prior week with a more than 2% decline. Following the release of Chinese economic data that cast doubt on the region's recovery, MCX Silver likewise experienced a loss of around 6%. Comex gold fell to $1,749 per ounce, down more than $50 or 2% over the previous week, as a result of the US Federal Reserve's determination to maintain rising interest rates to reduce inflation. Due to the hawkish posture of the US central bank, the dollar has reached a one-month high against its main competitors, increasing the price of gold for buyers using other currencies.

According to the minutes of the July FOMC meeting, the Fed will stop providing forward guidance and base its decisions solely on the most recent data. Policymakers also concurred that interest rates must continue to rise until they reach a restrictive monetary setting as opposed to the current neutral level.

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