Gold Prices Plunge for Fourth Straight Day on Fed Speech Fears

Gold futures fell for the fourth straight day, declining by Rs 856 per 10 grams. The slide came as investors remained cautious ahead of US Federal Reserve Chair Kevin Warsh's speech at Jackson Hole Symposium.

The price drop was also attributed to profit booking and concerns over inflation, geopolitical tensions, and persistent global risks.

Akshat Siddhant, Lead Quant Analyst at Mudrex, noted that the latest slide in MCX gold came as traders booked profits following higher-than-expected US Personal Consumption Expenditures (PCE) inflation data for July.

However, concerns over US fiscal finances continued to lend some support to the precious metal and limited the fall, Siddhant added.