Indian Gold Prices Dip Amid Anticipation for US Fed Remarks

The Indian gold market saw a slight drop in prices as investors awaited remarks from US Federal Reserve Chair Kevin Warsh at the Jackson Hole economic symposium. Gold futures contracts for October expiry on the Multi Commodity Exchange (MCX) opened firmly in red but rebounded to be down just 0.04 per cent on an intraday basis.

The price of 10 grams of 24-carat gold was at Rs 1,58,226, down from Rs 1,58,386 on Thursday, according to data published by the India Bullion and Jewellers Association (IBJA). This represents a decline of nearly Rs 5,000 per 10 grams over four sessions.

The appreciation of the rupee has also added pressure to gold prices. Spot gold fell 0.5 per cent to $4,576.30 per ounce early on Friday, while US gold futures eased 0.8 per cent to $4,629.