Gold prices fall 4th straight session, MCX down ₹5,318 in four days
Synopsis
Gold's four-session slide on the MCX has wiped out ₹5,318 per 10 grams — a 3.25 per cent correction from recent highs — as markets hold their breath ahead of Fed Chair Kevin Warsh's Jackson Hole speech. The technical setup shows cooling momentum, with the next big move likely dictated by the Fed's rate signals.
Key Takeaways
MCX gold futures for October delivery fell ₹896 (0.56%) to ₹1,58,100 per 10 grams on 28 August .
Intraday low touched ₹1,57,911 per 10 grams , a decline of up to 0.68% .
Cumulative four-session loss stands at ₹5,318 (3.25%) on the MCX.
Spot gold fell 0.5% to $4,576.30 an ounce ; US gold futures down 0.8% at $4,629 an ounce .
Markets await Fed Chair Kevin Warsh's speech at the Jackson Hole symposium for rate direction cues.
Technical resistance at ₹1,59,500–₹1,60,000 ; support at ₹1,57,600–₹1,57,000 ; RSI at 60.93 .
Gold prices in India extended their losing streak for the fourth consecutive trading session on Friday, 28 August, as sustained selling pressure continued to weigh on the precious metal. On the Multi Commodity Exchange (MCX), gold futures for October delivery declined ₹896, or 0.56 per cent, to trade at ₹1,58,100 per 10 grams. At its intraday low, prices slipped as much as 0.68 per cent to touch ₹1,57,911 per 10 grams.
Four-Day Slide in Focus
The cumulative damage over the past four sessions is significant: gold on the MCX has shed ₹5,318, or 3.25 per cent, since the selling wave began. This reversal follows a strong rally earlier in the week that had pushed prices to multi-month highs, making the current correction a sharp and swift unwinding of recent gains.
Global Cues: Jackson Hole in the Spotlight
International gold prices also remained under pressure, with investors holding back ahead of a scheduled speech by US Federal Reserve Chair Kevin Warsh at the Jackson Hole symposium. Spot gold fell 0.5 per cent to $4,576.30 an ounce, retreating from a more than three-month high touched earlier this week. US gold futures were also down 0.8 per cent at $4,629 an ounce.
Market participants are closely monitoring signals from the US central bank on the future trajectory of interest rates. A hawkish tone from the Fed could strengthen the dollar and lift bond yields, both of which typically reduce demand for non-yielding assets like gold.
What Analysts Are Watching
According to market analysts, the recent weakness reflects a recalibration after an overextended rally rather than a fundamental shift in gold's outlook. One analyst noted that the RSI stands at 60.93 — still in positive territory but having declined sharply from overbought levels, signalling a cooling of momentum rather than a trend reversal.
On the technical side, analysts have flagged immediate resistance at ₹1,59,500–₹1,60,000, followed by ₹1,62,000–₹1,62,500. On the downside, immediate support lies at ₹1,57,600–₹1,57,000, with a deeper floor at ₹1,55,500–₹1,55,000.
What's Next for Gold
The direction of gold prices in the near term will hinge largely on the tone of Fed Chair Warsh's Jackson Hole remarks and their implications for US monetary policy. Any indication of a prolonged higher-rate environment could extend the current correction, while dovish signals may reinstate bullish momentum. Traders and investors are advised to watch both the dollar index and US Treasury yields closely in the sessions ahead.
Point of View
But the Jackson Hole wildcard makes it more consequential than a routine pullback. With spot gold still above $4,500 an ounce — a historically elevated level — the correction is modest in percentage terms, yet the speed of the MCX slide will unsettle retail investors who entered near the week's highs. The real story is the Fed's next move: if Warsh signals rates staying higher for longer, gold's safe-haven premium compresses fast. Indian buyers, who tend to step in on dips, may provide a price floor around the ₹1,55,000–₹1,55,500 support band — but only if global cues don't deteriorate sharply.
NationPress
28 Aug 2026
Frequently Asked Questions
Why are gold prices falling in India?
Gold prices in India have fallen for four consecutive sessions due to sustained selling pressure following a strong rally earlier in the week. Globally, investors are cautious ahead of US Federal Reserve Chair Kevin Warsh's speech at the Jackson Hole symposium, which could signal the future path of US interest rates and affect demand for gold.
By how much have MCX gold prices fallen in four days?
MCX gold prices have declined by ₹5,318, or 3.25 per cent, over the past four trading sessions. On 28 August alone, prices fell ₹896 (0.56%) to ₹1,58,100 per 10 grams.
What are the key technical levels to watch for gold on MCX?
Analysts have identified immediate resistance at ₹1,59,500–₹1,60,000, followed by ₹1,62,000–₹1,62,500. On the downside, immediate support is at ₹1,57,600–₹1,57,000, with a deeper support zone at ₹1,55,500–₹1,55,000. The RSI at 60.93 is still positive but has cooled sharply from overbought territory.
What is the Jackson Hole symposium and why does it matter for gold?
The Jackson Hole symposium is an annual economic policy conference hosted by the US Federal Reserve, where the Fed Chair typically signals the direction of US monetary policy. For gold, which yields no interest, a hawkish Fed stance — implying higher rates — tends to strengthen the dollar and lift bond yields, reducing gold's appeal as a safe-haven asset.
Where did international gold prices stand on 28 August?
Spot gold fell 0.5 per cent to $4,576.30 an ounce on 28 August, retreating from a more than three-month high touched earlier in the week. US gold futures were also down 0.8 per cent at $4,629 an ounce.
