• Amid worries about the independence of the Federal Reserve following President Trump’s threats to fire Fed Governor Lisa Cook, gold prices remained close to their two-week high due to their safety appeal.
• At the Fed’s policy meeting next month, markets are expecting a 25 basis point rate cut, which is more than 88% likely, according to the CME FedWatch Tool.
• Markets seem to be confident that a new wave of U.S. tariffs might weaken global strength, making trade policy another crucial factor for gold. An additional factor supporting gold’s safe-haven bid could be ongoing geopolitical danger, such as Ukraine’s increased attacks on Russian energy infrastructure.

Technical Triggers  

• Gold Oct Futures are expected to continue their upside momentum towards $3485 (~Rs 102,500), if it sustains above $3445 (~Rs 101,500).
• As Silver Sep Futures has broken its range and sustained above $38.80 (~Rs 116,000), upside momentum can swing prices towards a new high of $40 (~Rs 120,000) this week.

• 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

Sriram Natarajan, who previously served as Managing Director of GIA India Laboratory Private Limited, assumed his new role in early August at GIA’s world headquarters in Carlsbad, California, reporting to GIA President and CEO Pritesh Patel.

In this capacity, Natarajan will oversee global laboratory operations, including diamond grading and jewellery services, and shape the vision and strategy for GIA’s expanding laboratory network.

“Ram is a dynamic leader closely attuned to GIA’s mission and the needs of our laboratory clients,” said Pritesh Patel, President and CEO, GIA. “As we continue to introduce new technologies and processes to advance efficiency, and develop new laboratory products and services, his expertise, insight and experience will be invaluable.”

Natarajan joined GIA India in 2017 as Vice President of Laboratory Operations and was elevated to Managing Director in 2020. In that role, he led education and laboratory initiatives across India, drawing on more than three decades of international operational and leadership experience.

“It is an honor to take on responsibility for overseeing GIA’s gemological laboratories,” Sriram Natarajan said. “I look forward to working with our teams and clients to deliver high-quality laboratory services and uphold the standards of excellence that GIA is known for.”

GIA said a new Managing Director for GIA India Laboratory Private Limited will be announced in the fourth quarter of 2025.