Gold and Silver price (August 25, 2023): Precious metal futures traded under pressure on Friday, a day after the Reserve Bank of India (RBI) policy meeting minutes.

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Last seen, MCX gold futures (Oct 5) were down 0.19 per cent or Rs 110 at Rs 58,701 per 10 grams at the last count, having traded between Rs 58,701 and Rs 58,744 earlier in the day. Silver futures (Sept 5) were down Rs 461 or 0.62 per cent at Rs 73,543 per kg.

"Spot Gold although having steadied during the week, Investors still remain on edge ahead of the Jackson Hole Symposium Powell Speech which begins later in the day as most of the hawkish moves by the Fed chair seem to have been discounted by the market. Volatility may persist in day trade today ahead of the same event," said Neha Qureshi, Senior Technical & Derivative Research Analyst, Anand Rathi Commodities & Currencies.

Qureshi recommends buying Gold October futures on dips at 58,700, keeping the stock loss at Rs 58,400 and a target price of Rs 59,200. For Silver September future she recommends buying on dips at Rs 73,400, with a stop loss of Rs 72,400 and a target of Rs 75,400. 

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