• Gold prices slightly declined below $3380 (Rs 99400) as investors’ attention was drawn to the Federal Reserve’s annual Jackson Hole symposium and US President Donald Trump’s meeting with European and Ukrainian leaders.
• In a White House meeting with President Zelensky, alongside European and NATO officials, President Trump voiced hope that the war in Ukraine would be over.
• After the negotiations, he claimed, the US will be “involved” in keeping the ceasefire and would call Russian President Putin.
• Amidst mounting anticipation for a September interest-rate decrease, markets will be closely observing Federal Reserve Chair Jerome Powell’s forthcoming statements at the Jackson Hole Symposium as well as the minutes from the Fed’s most recent meeting.

Technical Triggers

• Gold seems to continue its downward trajectory after sustaining below $3400. Next target is $3340 (Rs 98500), while $3445 (Rs 100,500) remains the resistance
• Silver prices are expected to consolidate in a range of $37.5(Rs 112,500) to $39(~Rs 115,000).

Gold prices edged lower to around $3,330 in early Asian trading on Monday, pressured by stronger-than-expected US economic data. The drop comes ahead of a key meeting later in the day between US President Donald Trump and Ukrainian President Volodymyr Zelenskiy, which traders are watching closely for geopolitical signals.

Last week’s US Producer Price Index (PPI) rose 3.3% year-on-year in July, well above market expectations of 2.5% and the previous 2.4%. The hotter-than-expected inflation reading reduced bets on a potential Federal Reserve rate cut in September, creating headwinds for the yellow metal.

Adding to the picture, US Retail Sales grew 0.5% month-on-month in July, matching forecasts but slightly below June’s upwardly revised 0.9%.

While strong economic data pressures gold, safe-haven demand linked to geopolitical tensions may limit further downside in the near term.

Pandora reported steady growth in the second quarter despite global challenges, while announcing plans to close about 100 underperforming stores in China to streamline its retail network. The closures are higher than the 50 previously expected, meaning net global openings will now total 25 to 50 this year, compared to the earlier forecast of 50 to 75. Still, Pandora aims to expand its footprint by 400–500 stores by 2026.

 Product mix contributed negatively driven by the strong performance in Collabs and Pandora Lab-Grown Diamonds, which both carry gross margins below group level,

For the quarter ending June 30, revenue rose 4% to DKK 7.08 billion ($1.11 billion), with organic growth of 8% and like-for-like sales up 3%, driven by strong US demand, especially during Mother’s Day. Profit inched up 0.5% to DKK 803 million ($125.9 million). Lab-grown diamond sales surged 36%, though their lower margins pressured profitability.

Pandora also flagged potential tariff impacts, estimating costs of DKK 200 million in 2025 and DKK 450 million in 2026, and may consider price increases to offset pressures.