Srinagar, July 9: Gold prices extended their losing streak for the fourth consecutive day on Wednesday, with 24-carat gold dropping by ₹770 to ₹1,44,490 per 10 grams, according to market tracker GoodReturns.in.The price of 22-carat gold declined by ₹700 to ₹1,32,450 per 10 grams, while 18-carat gold fell by ₹570 to ₹1,08,370 per 10 grams. Over the last four trading sessions, 24-carat gold has shed ₹2,510 per 10 grams, reflecting sustained weakness in the bullion market.In the domestic futures market, Gold August futures on the Multi Commodity Exchange (MCX) were trading 0.32% lower at ₹1,44,920 per 10 grams during early trade.Market experts attributed the decline in gold prices to the strengthening US dollar, rising crude oil prices, and expectations that the US Federal Reserve may maintain higher interest rates for a longer period.The pressure on bullion intensified after renewed West Asia tensions, with reports of fresh US strikes on Iran boosting the dollar and pushing Brent crude above $76 per barrel, raising concerns over persistent inflation.In the international market, spot gold edged 0.43% higher to around $4,123.41 per ounce, while US gold futures for August delivery slipped 0.44% to $4,138.9 per ounce.Investors are also closely watching the release of the US Federal Open Market Committee (FOMC) June meeting minutes, as expectations of a possible September interest rate hike continue to influence global gold prices.
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