Gold Prices Plummet Over 1% Amid Hawkish Fed Signals

Gold prices plummeted over 1% to Rs 1.54 lakh on August 31 after Fed Chair Kevin Warsh signaled a hawkish tone on inflation, prompting investors to book profits.

COMEX gold futures fell 1.23 percent to $4,474.30 per ounce at 02:37 GMT, while silver declined 1.71 percent to $65.85 per ounce in early trading.

Nirpendra Yadav, Sr. analyst at Bonanza Portfolio, noted that the current setup points to a continuation of the correction rather than an isolated weak opening.

Gold finds support at Rs 1,53,500 per 10 grams, while resistance is placed at Rs 1,61,000, according to Yadav.