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Commodities

Gold Prices Slide on Profit Booking and Strong Dollar

Guavy AI Editorial Team
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Gold prices suffered a decline on August 28 due to profit booking and a strong dollar. The COMEX gold futures dropped by 0.55% to $4,638.50 per ounce in early trading.

The silver market also felt the heat, with a 0.64% decrease to $68.99 per ounce during the same period.

However, the domestic MCX futures showed some resilience, with a 0.47% decline to Rs 1,58,254 per 10 grams for the October contract.

This mixed performance is attributed to investors remaining cautious ahead of Federal Reserve Chair Kevin Warsh's speech at Jackson Hole, as well as concerns over inflation and geopolitical tensions.

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Disclaimer: Guavy is a data and market intelligence provider, not an investment adviser. The information, signals, and market analysis provided by the Guavy API and related services are for informational purposes only and are not intended as financial advice, investment recommendations, or an endorsement of any particular trading strategy. Trading in volatile markets, including cryptocurrency, carries significant risk and may not be suitable for all investors. Past performance is not indicative of future results. Users should consult with a qualified financial professional before making any investment decisions. Guavy makes no guarantee of trading profits or financial returns.

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