Commodities
Gold Prices Plummet Amid Stronger Dollar and Profit Booking
Gold prices fell on August 28 due to profit booking and a stronger US dollar. The COMEX gold futures slipped 0.55% to $4,638.50 per ounce in early trading, while silver declined 0.64% to $68.99 per ounce.
The domestic MCX futures for the October contract rose 0.12% to Rs 1,59,189 per 10 grams, but the silver contract for September fell marginally to Rs 2,40,573 per kilogram from its previous session.
Market participants will closely watch Jackson Hole, particularly Kevin Warsh's speech, for cues on the Fed's interest-rate outlook. Rupee weakness provided some support to MCX Gold, limiting the domestic decline, according to Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities.