• Gold and silver prices are staying within a narrow range as traders await significant movements in anticipation of Fed Chair Powell’s Jackson Hole speech, which could provide clues about the direction of US policy.
• Despite indications of a weakening job market and inflation that is still above goal and susceptible to pressures from tariffs, Fed policymakers on Thursday showed scant support for a rate decrease next month, leaving markets looking to Powell’s speech for clarity. 
• With markets pricing in a 75% chance of a quarter-point cut, investors continue to view policy easing as a possibility in September.
• Geopolitical optimism for a possible peace agreement between Russia and Ukraine waned when reports surfaced that Russia had launched its biggest drone and missile attack on Ukraine in over a month. Moscow accused Kyiv of rejecting the prospect of a “lasting and fair settlement.

Technical Triggers        

• Gold seems to continue its downward trajectory after sustaining below $3400. Next support is $3340 (Rs 98500), while $3445 (Rs 100,500) remains the resistance.
• Silver prices are expected to consolidate in a range of $37(Rs 110,500) to $39 (Rs 115,000). Buy on dips and sell on rallies.

Support and Resistance

Pandora, which operates more than 6,700 points of sale worldwide, said its strategic “Phoenix” growth plan—focused on brand elevation, product design, market expansion, and personalization—is steadily paying off.

For the quarter ended June 30, Pandora posted 8% organic growth, up from 7% in the previous quarter. The company expects organic growth in the 7–8% range for the full year. Like-for-like sales rose 3% overall, with the US market leading at 8% growth, while Europe showed a modest 1% increase.

Despite what it described as a “turbulent” global economic climate, including pressures from foreign exchange, tariffs, and commodity prices, Pandora said both revenue and margins remained resilient.

“In these turbulent times, we are satisfied with yet another quarter of high single-digit organic growth and strong profitability,” said Alexander Lacik, Pandora’s President and CEO, in the company’s financial statement released on 15 August. “The results show that our brand and unique storytelling proposition continue to attract more consumers.”

Pandora, which still derives over 70% of its sales from charm bracelets, has been steadily expanding its portfolio into rings, earrings, and necklaces, strengthening its ambition to be recognised as a complete jewellery brand.

• The minutes of the most recent Fed meeting revealed that policymakers are still worried about the labor market and inflation, with the majority of voting members believing it is too early to cut interest rates. As a result, gold is stabilizing around $3400.
• An 85% possibility of a rate drop in September is now factored in by traders. The Federal Reserve’s cautious approach may reduce expectations for strong rate cuts throughout the remainder of the year, even though the rate cut in September is virtually guaranteed. 
• When Jerome Powell speaks at the annual central bank symposium in Jackson Hole, Wyoming, on Friday, markets will receive more hints about the monetary policy of the Federal Reserve.

Technical Triggers

• Gold seems to continue its downward trajectory after sustaining below $3400. Next support is $3340 (Rs 98500), while $3445 (Rs 100,500) remains the resistance.
• Silver prices are expected to consolidate in a range of $37(Rs 110,500) to $39(Rs 115,000).

Support and Resistance