{
  "type": "article",
  "title": "Gold Prices Crash for Second Consecutive Day in India, MCX Silver and Gold Suffer Steep Decline",
  "summary": "Gold rates in India plunged significantly for the second straight day, accompanied by a sharp drop in silver, following hawkish remarks from the US Fed chair that boosted rate hike probabilities.",
  "content": "Precious metal prices in India faced another wave of severe selling pressure, marking the second consecutive day of substantial declines. The drop comes on the heels of weak global cues and shifting expectations regarding monetary policy adjustments by major central banks.\n\nGlobal Spot Markets Witness Steep Declines\nSpot gold tumbled to its weekly low of $4,560 per ounce following a hawkish speech delivered by US Fed chair Kevin Warsh at Jackson Hole. The remarks significantly elevated the probability of an interest rate hike in September to nearly 50%. Meanwhile, spot silver experienced a steep drop of 4.5%, settling at $66 per ounce in the wake of the speech.\n\nMCX Futures Crash Overnight\nDomestic futures trading mirrored the international sentiment. At the Multi Commodity Exchange, both gold and silver futures crashed by nearly 2% overnight. MCX gold is currently hovering around Rs 1,56,400 per 10 grams, while MCX silver dropped down to Rs 2,36,651 per 1kg.\n\nUS Fed Chair Signals Persistent Inflation Pressures\nDelivering his first major speech since taking the chair in May, Kevin Warsh cautioned that inflation has not slowed down meaningfully. He emphasized that policymakers require clearer evidence of underlying price pressures easing, warning that the central bank still has significant work ahead if conditions do not change. Reaffirming the Fed's commitment to the 2% inflation target as a firm and fixed goal, he noted that current financial conditions are not restrictive enough. These closely watched remarks provided much-needed clarity on his economic perspective following earlier market criticism over limited guidance.\n\nCrude Oil Prices Remain Elevated\nIn the broader commodity space, crude oil prices continued to hold firm at elevated levels. Brent crude stayed well over $88 per barrel, while US WTI crude maintained a position above $83 per barrel, continuing to influence wider macroeconomic sentiment.\n\nWhat this means for you\nThe sharp correction in gold and silver prices carries direct financial implications for retail investors, bullion traders, and everyday jewelry buyers alike.\n\n• Across India: Ongoing volatility in futures markets and sliding MCX rates require market participants to reassess their asset allocations. Meanwhile, retail consumers looking to purchase precious metals may find lower entry points in the domestic market.\n\nQuestions & Answers\n\n1. Why did gold prices crash for the second consecutive day?\nPrices fell due to a hawkish speech by US Fed chair Kevin Warsh and international spot gold hitting a weekly low of $4,560 per ounce.\n\n2. What are the current MCX rates for gold and silver?\nMCX gold is trading around Rs 1,56,400 per 10 grams, while MCX silver dropped to Rs 2,36,651 per 1kg.\n\n3. How much did silver drop globally?\nSpot silver dropped steeply by 4.5% to $66 per ounce following the Fed chair's speech.\n\n4. What did Kevin Warsh say about inflation?\nWarsh warned that inflation has not meaningfully slowed and stated that the central bank still has work to do to meet its 2% target.\n\n5. What is the current status of crude oil prices?\nBrent crude stands over $88 per barrel, and US WTI crude is trading above $83 per barrel.",
  "url": "https://trendkia.com/en/market/sone-ki-kimaton-men-lagatara-dusare-dina-bhari-giravata-emasieksa-para-bhi-lurhake-dama-24028",
  "category": "Market",
  "publishedAt": "2026-08-29",
  "tags": [
    "Gold Rate",
    "Silver Price",
    "MCX",
    "Federal Reserve",
    "Commodity Market",
    "Crude Oil"
  ],
  "language": "en",
  "site": "TrendKia"
}