Gold slips Rs 856 to Rs 1.58 lakh/10g in futures trade

Gold futures extended its slide for the fourth straight session, shedding Rs 856 to Rs 1.58 lakh per 10 grams as investors remained cautious ahead of US Federal Reserve Chair Kevin Warsh’s speech at the Jackson Hole Symposium. On the Multi Commodity Exchange, the yellow metal for the October delivery depreciated Rs 856, or 0.54 per cent, to Rs 1,58,140 per 10 grams.

The December contract also fell Rs 942, or 0.59 per cent, to Rs 1,59,450 per 10 grams.

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.