Gold and silver prices declined in the morning deals on Friday, 28 August, as investors took money off the table ahead of US Federal Reserve Chairman Kevin Warsh’s speech at the Jackson Hole symposium later in the day.
MCX gold October contracts were down 0.57% at ₹1,58,085, while MCX silver September futures were 0.55% down at ₹2,39,320 per kg around 9:15 AM.
International gold prices also declined as investors awaited Warsh’s speech; US gold futures December contracts dropped 0.40% to $4,627.95 per troy ounce.
Gold prices are under pressure as inflation concerns grow. Even though the yellow metal is considered a hedge against inflation, this time the fear is that elevated inflation, largely due to the Middle East conflict, could force the US Fed to raise rates from already elevated levels.
(This is a developing story. Please check back for fresh updates.)
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