New Delhi, Aug. 27 -- 24 carat is Rs.16,200 a gram and 22 carat is Rs.14,850, down Rs.174 and Rs.150 from Wednesday. The pullback came after July's U.S. Personal Consumption Expenditures index printed at 3.7 per cent, a tick hotter than forecast, pulling spot gold from a three-month high to $4,633 an ounce. The number that decides this week is not in any PCE table. It is Federal Reserve Chair Kevin Warsh at 10 a.m. Eastern on Friday at the Kansas City Fed's annual Jackson Hole symposium.

That is the honest scale of Thursday's move. The Rs.1,740 that came off a ten gram 24 carat purchase reverses roughly a quarter of the gains August has built, and leaves gold still up more than 15 per cent for the month, its strongest performance since S...