Gold Prices Fall for Fourth Consecutive Session on MCX
Gold prices in India continued their downward trend on Friday, extending losses for the fourth consecutive trading session. The Multi Commodity Exchange (MCX) saw gold futures for October delivery decline by Rs 896, or 0.56 per cent, to trade at Rs 1,58,100 per 10 grams.
The price drop was fueled by sustained selling pressure in the precious metal and investors' anticipation of a speech by US Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium. The market is closely watching signals from the US central bank on interest rates, which could influence demand for gold.
Spot gold declined 0.5 per cent to $4,576.30 an ounce after touching a more than three-month high earlier in the week. US gold futures were also down 0.8 per cent at $4,629 an ounce.