GOLD EXTENDS LOSING STREAK

Gold prices remained proximate to $4,140 per ounce on Wednesday, marking a fourth consecutive session of decline as escalating crude oil prices spurred renewed anxieties regarding inflation and bolstered anticipations of a more restrictive monetary policy. Sustained geopolitical uncertainties and apprehensions surrounding supply chain vulnerabilities continued to underpin safe-haven demand, although a robust dollar and increased bond yields curbed bullion’s attractiveness. Gold has remained constrained within a $168 trading band of $4,091–$4,259 during the current month, with a decisive breach potentially signaling the subsequent directional impetus. Market participants are also closely monitoring next week’s policy pronouncements from the Federal Reserve and Bank of Japan for additional guidance. In the domestic market, MCX December gold futures retreated 0.4% to Rs.145,967 per 10 grams.