Commodities
Indian Gold Prices Plummet Ahead of Rakshabandhan Festival
Gold prices in India dropped by Rs 800 to Rs 1.65 lakh per 10 grams on Thursday, marking the second consecutive decline.
The decrease is attributed to a rebound in the US dollar and rising Treasury bond yields, as well as stronger-than-expected US inflation data.
Silver prices remained unchanged in local markets but showed resilience globally, increasing marginally.
Analysts point to the upcoming Rakshabandhan festival, traditionally associated with increased gold and silver purchases, as a contributing factor to the decline.
The US Federal Reserve Chair's Jackson Hole speech is also being closely watched for cues on inflation and interest rates.