Gold Prices Plummet by Nearly 2% as Global Markets Experience Correction

Gold prices in India plummeted by nearly 2% on Monday, August 31, with the benchmark 24K gold rate dropping to ₹15,677 per gram from ₹15,824 per gram the previous day. This decline is attributed to heavy selling pressure in global markets and hawkish comments made by Federal Reserve Chair Kevin Warsh at Jackson Hole.

MCX gold futures also experienced a significant drop, with the October contract falling nearly 2% to around ₹1.54 lakh per 10 grams. The sell-off has been visible in international markets as well, where gold faced pressure due to concerns over inflation and future interest rate hikes.

The decline in gold prices is not limited to India; global markets have also seen a correction in the precious metal's value. Gold prices fell sharply on Monday, with the 24K gold rate dropping by ₹147 per gram from the previous session. The price of 22K gold declined by ₹135 per gram and 18K gold dropped by ₹110 per gram.