Agencies NEW DELHI 

Gold prices are likely to remain in a consolidation phase in the near term, but the overall bias will continue to stay positive amid heightened expectations of a US Federal Reserve rate cut in its September policy meeting, analysts said on Sunday.

  Traders will closely track US macroeconomic data, such as Q2 GDP, PCE inflation, and speeches from Fed officials, which will provide more insights into the monetary policy stance of the Federal Reserve and the trajectory of the bullion sentiment, they added. “Gold prices may continue to see some consolidation, but the bias is expected to remain positive. The US Federal Chair Jerome Powell's comments have raised expectations of an interest rate cut at the September meeting,” said Pranav Mer, vice president, EBG - commodity & currency research, JM Financial Services. Investors will keep track of geopolitical and trade developments, he added.

  “Markets will watch closely the Russia-Ukraine peace progress and the implementation of additional tariffs on India from August 27 over its Russian oil purchases,.”

   Last week, the precious metal regained the psychological Rs 1 lakh level on the Multi Commodity Exchange, by rising Rs 956 to Rs 1,00,391 per 10 grams. The gains came on strong buying interest after Federal Reserve Chair Powell signalled a possible shift in monetary policy at the Jackson Hole symposium, hinting that the central bank may soon cut interest rates for the first time since December. The upcoming US Fed’s FOMC meeting is set to happen on September 16-17.