MCX Gold Falls ₹856 on Cautious Investors Ahead of Jackson Hole Speech
Gold futures on the Multi Commodity Exchange (MCX) fell for the fourth consecutive session, dropping ₹856 to ₹1.58 lakh per 10 grams.
This decline comes ahead of US Federal Reserve Chair Kevin Warsh's speech at Jackson Hole Symposium, which has left investors cautious and uncertain about their next move.
Akshat Siddhant, Lead Quant Analyst at investment platform Mudrex, said that traders booked profits in domestic markets following higher-than-expected US Personal Consumption Expenditures (PCE) inflation data for July.
However, concerns over US fiscal finances have continued to lend some support to the precious metal and limited its fall. Renewed geopolitical tensions have also added to the caution, with the US signaling no immediate return to negotiations with Iran and stepping up economic pressure through fresh sanctions.
The appeal for gold is facing a tug-of-war between persistent global risks and pressure from tighter financial conditions, analysts said.