Gold snapped a six-session losing streak while Wall Street was little changed on hopes the Fed will turn dovish
According to stock exchange data, foreigners have invested $6.4 billion in Indian equities since the start of July, after dumping over $27 billion-worth over the previous six months.
Profit-booking after over 17 per cent gains in just two months added to this fall
The change in their stance, analysts said, stems from the hope that the global central banks, especially US Fed may go soft on rate hikes as inflation cools off over the next few months.
Extending losses into a sixth session, spot gold was down 0.7% to $1,736.03 per ounce by 11:23 a.m. EDT (1523) GMT after hitting its lowest level since July 27 earlier in the session.
The partially convertible rupee fell 0.1% to 79.875, having dropped to its lowest level since July 27 at 79.9125.
U.S. Federal Reserve Chair Jerome Powell headlines a host of policy makers at Jackson Hole later in the week and the risks are that he will not meet investor hopes for a dovish pivot on policy.
Economists in a Reuters poll lean toward a 50 basis-point increase with recession risks on the rise
Asian shares got off to a rocky start on Monday while the dollar remained in demand amid concerns that most major central banks are committed to raising interest rates no matter the risks to growth
The Dow Jones Industrial Average fell 0.54% to 33,813.96, the S&P 500 lost 0.67% to 4,254.83 and the Nasdaq Composite declined about 1% to 12,837.36
On their part, technical analysts see the Nifty is hit 18,100-18,200 levels before it makes any major attempt to reverse. However, this journey, they caution, can see intermittent corrections
A sharp surge in the market from this year's lows in June is stoking equity-share sales at listed companies
Markets are anticipating less tightening by central banks
US retail sales flat in July; core sales rise; retailer Target's quarterly profit slumps
Gold extended losses after posting its biggest drop in a month in the previous session, as a stronger dollar dented bullion's appeal
Spot gold was down 0.1% at $1,777.46 per ounce, as of 0054 GMT, after hitting its lowest since Aug. 8 at $1,772.30 on Monday
Spot gold slid 1.3% to $1,778.35 per ounce by 11:16 ET, having hit its lowest since Aug. 8 earlier in the session. U.S. gold futures dropped 1.2% to $1,794.20.
Spot gold was down 0.4% at $1,794.78 per ounce, as of 0352 GMT, after rising about 1.6% last week. US gold futures fell 0.3% to $1,810.
Fed officials who have spoken since the July meeting have pushed back against any perception that they'd be pivoting away from tightening any time soon
India's economy is predicted to overtake that of the US by 2048, said Patra