Gold Extends Losing Streak, MCX Prices Slide ₹5,318 In Four Sessions

Mumbai: Gold prices extended their decline for a fourth consecutive session on Friday as persistent selling pressure weighed on the precious metal in domestic and overseas markets.

On the Multi Commodity Exchange (MCX), October gold futures fell Rs 896, or 0.56 per cent, to Rs 1,58,100 per 10 grams.

During intraday trade, the contract slipped as much as Rs 1,085, or 0.68 per cent, to touch a low of Rs 1,57,911 per 10 grams.

With Friday’s losses, MCX gold has declined Rs 5,318, or 3.25 per cent, over four consecutive trading sessions, highlighting the sharp reversal in the yellow metal.

International gold prices also weakened as investors awaited US Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole symposium for clues about the interest-rate outlook.

Spot gold declined 0.5 per cent to $4,576.30 an ounce after touching a more than three-month high earlier this week. US gold futures dropped 0.8 per cent to $4,629 an ounce.

The latest correction follows a strong rally earlier in the week. Investors are assessing how the Federal Reserve’s policy trajectory could affect the US dollar, Treasury yields and demand for safe-haven assets.

Gold faces immediate resistance between Rs 1,59,500 and Rs 1,60,000, followed by Rs 1,62,000-Rs 1,62,500.

Immediate support is seen at Rs 1,57,600-Rs 1,57,000, followed by Rs 1,55,500-Rs 1,55,000.

The Relative Strength Index (RSI) stood at 60.93. While remaining in positive territory, its sharp retreat from overbought levels indicates that bullish momentum has cooled considerably.