Gold Prices Plummet for Fourth Straight Session Amid Global Bearish Cues
Gold prices in India have declined for the fourth consecutive session due to bearish global cues. On Monday, gold fell by Rs 1,500 to Rs 1,60,900 per 10 grams in the national capital. Traders pointed out that profit-booking after a strong run in recent weeks has contributed to the decline.
The prices of 99.9% purity gold closed at Rs 1,62,400 per 10 grams on Friday. Gaurav Garg, Head of Research at Lemonn Markets Desk, attributed the decline to Federal Reserve Chair Kevin Warsh's hawkish speech at the Jackson Hole Symposium, which increased expectations of an interest rate hike in September.
The US Treasury yields and a strong dollar have also weighed on precious metals, leading to their recent correction. Globally, spot gold traded marginally lower at USD 4,448.56 per ounce, while silver gained nearly 1% to USD 66.97 per ounce.