- By Aditya Pratap Singh
- Fri, 28 Aug 2026 03:43 PM (IST)
- Source:JND
- Gold rates fell by over Rs 800 for the fourth consecutive day.
- Investors are cautious ahead of US Fed Chair Jackson Hole's speech.
- Geopolitical tensions in the Middle East are also weighing on gold.
Gold rates fell for the fourth straight day in the domestic futures market, falling over Rs 800 to a level of Rs 1.58 lakh per 10 grams. The decline was attributed to a cautious approach from investors ahead of US Federal Reserve Chair Kevin Wash's speech at the Jackson Hole Symposium.
On the Multi Commodity Exchange (MCX), the yellow metal future contract, due to expire on October 5, dipped Rs 856, or 0.54 per cent, to Rs 1,58,140 per 10 grams. Meanwhile, the December expiry contract declined Rs 942, or 0.59 per cent, to Rs 1,59,450 per 10 grams as well.
Profit Booking, Subdued Sentiment or Something Else: What Drives Gold Prices
The latest slide in MCX gold came as traders booked profits in domestic markets following higher-than-expected US Personal Consumption Expenditures (PCE) inflation data for July, said Akshat Siddhant, Lead Quant Analyst at investment platform Mudrex. However, concerns over US fiscal finances continued to lend some support to the precious metal and limited the fall, he added.
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The yellow metal traded lower in international markets as well. Last seen, COMEX futures for the December contract were trading at $28.49, or one per cent lower, at a level of USD $4,635.51 per ounce in New York.
"Gold prices inched lower, as investors remained cautious ahead of US Federal Reserve Chair Kevin Wash's speech at the Jackson Hole Symposium, while balancing concerns over persistent inflation, elevated bond yields and ongoing geopolitical tensions," Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd, said.
Geopolitical Tensions Bring Back Caution
The renewed tension in the Middle East after the US and Iran failed to reach a deal to end the war within 60 days of a ceasefire, which was announced earlier. Meanwhile, the US has signalled no immediate resumption of talks with Iran and instead has increased economic pressure with new sanctions, creating uncertainty in the Middle East and around the strategic Strait of Hormuz, Modi said.
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Analysts said that with inflation refusing to ease and U.S. Treasury bond yields remaining elevated, persistent global risks and tight financial conditions are weighing on demand for the precious metal.