Gold set for worst week since early February: Check out latest prices

Gold set for worst week since early February: Check out latest prices

Gold prices registered a near one per cent decline overnight, marking the fourth consecutive day of downward movement.

The precious metal traded at three-month lows, and looked set for its biggest weekly fall since early February. Federal Reserve Chair Jerome Powell's indication of a 50 basis points rate hike this year contributed to the downward pressure on gold prices.

Adding to the surprise, the Bank of England implemented a 50 basis points rate hike, which unsettled the precious metals market. Additionally, rate hikes from countries such as Switzerland, Norway and Turkey further weighed on gold prices.

Chartists, who analyze price patterns, anticipate potential support for gold at the $1880 level following the break of the $1920 support level. This indicates a bearish sentiment and suggests that the downward trend may continue.

Back in India, gold prices fell to Rs 58,000 per 10 grams and according to

the reference rates provided by the Indian Bullion and Jewellers Association (IBJA), gold prices stood at Rs 58,654 for 24kt gold, and Rs 53,727 for 22kt gold (without Goods and Services Tax).