Gold Prices Plummet for Fourth Straight Session Amid Strong US Dollar

Gold prices continued their downward trend for a fourth consecutive session on Thursday, dropping Rs 833 to Rs 1.5 lakh per 10 grams due to a strong US dollar and bearish global market sentiment.

The Multi Commodity Exchange saw gold futures for October delivery fall by 0.55% to Rs 1,50,466 per 10 grams.

Analysts attribute the decline to a strengthening US dollar, which has reached its highest level in nearly two months, and rising Treasury yields.

According to Aamir Makda, Commodity & Currency Analyst - Technical Research at Choice Broking, 'MCX gold has continued its negative momentum due to a stronger US dollar and Treasury yields.'

The pressure on gold is intensified by the potential for further interest rate hikes by the Federal Reserve in response to strong private sector employment data.