Gold Prices Plummet on Global Cues and Hawkish Fed Remarks

Gold prices in India fell by Rs 1,500 to Rs 160,900 per 10 grams on Monday, marking the fourth straight session of decline. The bearish global cues weighed heavily on traders' sentiment.

The yellow metal's price was influenced by Federal Reserve Chair Kevin Warsh's hawkish speech at the Jackson Hole Symposium, which increased expectations of an interest rate hike in September's meeting. This, combined with higher US Treasury yields and a strong dollar, put pressure on precious metals, causing their recent correction to extend.

Globally, spot gold traded marginally lower at USD 4,448.56 per ounce, while silver gained nearly 1% to USD 66.97 per ounce.