Gold Falls ₹856 to ₹1.58 Lakh on MCX for Fourth Consecutive Day
Gold futures continued their downward trend for the fourth consecutive day, falling ₹856 to ₹1.58 lakh per 10 grams on the Multi Commodity Exchange (MCX). The October delivery contract depreciated by 0.54% in value.
The decline comes ahead of US Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Symposium, where investors remain cautious due to concerns over persistent inflation and elevated bond yields.
Akshat Siddhant, Lead Quant Analyst at Mudrex, attributed the profit-taking by traders in domestic markets following higher-than-expected US Personal Consumption Expenditures (PCE) inflation data for July as a factor contributing to the slide.
However, concerns over US fiscal finances continue to lend some support to gold and limit its fall, Siddhant added.