Gold Prices Stabilize in India Despite Global Selling Pressure

Gold prices in India stabilized on August 30 after a sharp correction over the previous two sessions. Despite the decline, gold prices remained unchanged across India, with 24K gold priced at ₹15,824 per gram and ₹1,58,240 per 10 grams.

The stability comes after gold prices fell sharply on August 29 following a decline in global bullion prices and a hawkish stance from US Federal Reserve Chair Kevin Warsh. The sharp correction was driven largely by global bullion prices, with gold facing selling pressure after Fed Chair Kevin Warsh's comments on inflation reduced expectations of near-term US interest-rate cuts.

The MCX gold market is closed on Sunday, so there is no fresh MCX trading session on August 30. However, the latest available benchmark shows that MCX gold for the October 5 contract closed at ₹1,56,400 per 10 grams on August 28, down 1.63% during the session.