Gold Futures Extend Losses for Fourth Straight Day in India
Gold futures in India continued their decline for a fourth consecutive session, losing Rs 856 per 10 grams on the Multi Commodity Exchange. The October delivery contract fell to Rs 1,58,140 per 10 grams, while the December contract dropped to Rs 1,59,450 per 10 grams.
The drop in gold prices was attributed to investor caution ahead of US Federal Reserve Chair Kevin Warsh's speech at Jackson Hole Symposium. Profit booking, inflation concerns, and geopolitical tensions also put pressure on gold prices.
Despite the decline, some support for gold came from concerns over US fiscal finances. Akshat Siddhant, Lead Quant Analyst at Mudrex, noted that traders booked profits in domestic markets following higher-than-expected US Personal Consumption Expenditures (PCE) inflation data for July.