<a href="https://www.mid-day.com/business/business-news/article/gold-silver-futures-price-marginally-dip-amid-muted-demand-23646969" target="_blank" rel="none noopener">Gold prices in India</a> continued their downward trend on Friday, extending losses for the fourth consecutive trading session amid sustained selling pressure in the precious metal.&nbsp;
On the Multi Commodity Exchange (MCX), gold futures for October delivery declined by Rs 896, or 0.56 per cent, to trade at Rs 1,58,100 per 10 grams. During the session, prices fell as much as 0.68 per cent, or Rs 1,085, to touch an intraday low of Rs 1,57,911 per 10 grams.
With Friday's decline, gold prices have fallen by Rs 5,318, or 3.25 per cent, over the past four trading sessions on the <a href="https://www.mid-day.com/business/business-news/article/multi-commodity-exchange-alerts-investors-against-fake-telegram-channel--23640273" target="_blank" rel="none noopener">MCX</a>, reflecting continued pressure on the yellow metal.
In the international market, gold prices also remained under pressure as investors awaited a speech by US Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium. Market participants are closely watching signals from the US central bank on the future course of interest rates, which could influence demand for gold.
Spot gold declined 0.5 per cent to USD 4,576.30 an ounce after touching a more than three-month high earlier this week. <a href="https://www.mid-day.com/business/business-news/article/gold-futures-dip-to-rs-163-lakh-per-10gm-silver-futures-decline-to-rs-243-lakh-per-kg-23646538" target="_blank" rel="none noopener">US gold futures were also down</a> 0.8 per cent at USD 4,629 an ounce.
Experts said that the recent weakness in gold prices comes after a strong rally earlier in the week, with investors now assessing the outlook for US monetary policy and its potential impact on the dollar, bond yields and demand for the safe-haven asset.
"Immediate resistance is at Rs 1,59,500 to Rs 1,60,000, followed by Rs 1,62,000 to Rs 1,62,500. Immediate support is at Rs 1,57,600 to Rs 1,57,000, followed by Rs 1,55,500 to Rs 1,55,000. RSI at 60.93 remains in positive territory but has declined sharply from the overbought region, signalling a cooling of momentum," an analyst said.
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On MCX, gold futures for October delivery declined to trade at Rs 1,58,100 per 10 grams

Gold futures price declines to Rs 1.58 lakh per 10 gms

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On the Multi Commodity Exchange, gold futures for October delivery declined by Rs 896, or 0.56 per cent, to trade at Rs 1,58,100 per 10 grams

Gold futures decline for fourth straight session; trades at Rs 1.58 lakh per 10 gms

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Home / Business / Business News / Article / Gold futures decline for fourth straight session; trades at Rs 1.58 lakh per 10 gms