Gold Prices Tumble Rs. 3,300 as US Dollar Gains Strength
Gold prices continued their downward trend for the third consecutive day in India's national capital, falling by Rs. 3,300 to Rs. 1,62,400 per 10 grams on Friday.
This decline was largely due to the strengthening US dollar and profit-booking by traders following a recent rally, according to local traders.
The domestic bullion market also faced pressure from reports of a customs duty cut by the central government in an effort to combat rising smuggling activity.
Despite this, silver managed to buck gold's trend overseas, rising 1.51% to USD 70.31 per ounce.
Market participants are bracing for a potential hawkish speech from US Federal Reserve Chair Kevin Warsh at the Jackson Hole Symposium, which could impact market sentiment and potentially push gold prices higher if investors are not convinced by his remarks.