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Forex

Gold Prices Plummet in India Amid Fed Speech Anxiety

Guavy AI Editorial Team
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USD
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Gold prices in India have been under pressure for four consecutive days, falling by Rs 856 per 10 grams to Rs 1.58 lakh.

This decline is attributed to investor caution ahead of US Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole Symposium, which is expected to provide insights into monetary policy and inflation concerns.

Additionally, profit booking, inflation worries, and geopolitical tensions are contributing to the downward trend in gold prices.

Akshat Siddhant, Lead Quant Analyst at investment platform Mudrex, pointed out that traders have been booking profits following higher-than-expected US Personal Consumption Expenditures (PCE) inflation data for July.

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