India, Sept. 3 -- The price board at Zaveri Bazaar opened lower for the second consecutive session on Tuesday, with 24-carat gold settling at Rs 15,408 per gram in Mumbai, Kolkata, and most major centres, a Rs 269 decline from Monday's close, as spot gold in New York fell to $4,358 per troy ounce overnight - its lowest point in nearly two weeks.

The immediate driver is the Federal Reserve's posture. Chair Kevin Warsh said at the Jackson Hole symposium in Wyoming last Friday that the central bank would "have work to do" if policymakers were not satisfied that inflation was returning to its 2 per cent target, a statement that has since pushed the probability of a September rate hike above 65 per cent on CME FedWatch. Before Warsh spoke, t...