Mumbai, August 28, 2026 (Yes Punjab News)
Gold prices in India extended their decline for a fourth consecutive trading session on Friday, with sustained selling pressure pulling MCX gold futures lower by Rs 5,318 over the past four sessions.
On the Multi Commodity Exchange (MCX), gold futures for October delivery fell Rs 896, or 0.56 per cent, to Rs 1,58,100 per 10 grams. The contract touched an intraday low of Rs 1,57,911, down Rs 1,085 or 0.68 per cent from the previous close.
With Friday’s decline, gold has shed Rs 5,318, or 3.25 per cent, over four trading sessions, signalling a significant cooling after its recent rally.
In international markets, gold also remained under pressure as investors awaited remarks by US Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium. Markets are closely tracking signals on the future direction of US interest rates, which could influence the dollar, bond yields and demand for the safe-haven metal.
Spot gold fell 0.5 per cent to $4,576.30 an ounce after reaching a more than three-month high earlier in the week. US gold futures declined 0.8 per cent to $4,629 an ounce.
Analysts said the recent weakness followed a strong rally earlier in the week, with investors now reassessing the outlook for US monetary policy and its potential impact on gold demand.
“Immediate resistance is at Rs 1,59,500–Rs 1,60,000, followed by Rs 1,62,000–Rs 1,62,500. Immediate support is at Rs 1,57,600–Rs 1,57,000, followed by Rs 1,55,500–Rs 1,55,000,” an analyst said.
The analyst added that the Relative Strength Index (RSI) stood at 60.93 and remained in positive territory, but had declined sharply from the overbought zone, indicating that upward momentum was cooling.
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