Gold Prices Plunge for Fourth Straight Day Amid Rate Hike Fears

Gold prices in India fell for the fourth consecutive day on Monday, declining by Rs 1,500 to Rs 1,60,900 per 10 grams. The decline was attributed to bearish global cues and expectations of an interest rate hike in the US.

The Federal Reserve Chair Kevin Warsh's hawkish speech at the Jackson Hole Symposium increased rate hike expectations, pushing up US Treasury yields and the dollar. Higher oil prices also added to inflation concerns and strengthened the case for tighter monetary policy.

Despite the decline, silver remained steady domestically but gained nearly 1 percent globally. The bullion market took cues from rising oil prices after fresh US-Iran military strikes, with higher energy rates potentially leading to an interest rate hike.