Gold Prices Tumble Amid US Jobs Data Uncertainty and Geopolitical Tensions
The bullion market is expected to remain cautious in September due to various factors that could influence gold and silver prices. The recent sharp sell-off has left investors on edge, with gold futures for October delivery losing Rs 6,157, or 3.8 per cent, to end the week at Rs 1.56 lakh per 10 grams.
According to Jateen Trivedi, VP research analyst - commodity and currency, LKP Securities, the decline was also visible in overseas markets, with Comex gold futures for December delivery falling $150.7, or 3.2 per cent, over the week to settle at $4,680.6 per ounce.
Pranav Mer, senior vice president, EBG - commodity & currency research, JM Financial Services Ltd, attributed the decline to Federal Reserve Chair Kevin Warsh's speech on inflation and monetary policy, leading to profit booking across bullion markets.