Gold prices continued their downward trend on Thursday, unable to sustain early gains despite a brief rally in overseas trading. The precious metal's most active December contract settled at $2,423, marking a daily decline of $8.60 or 0.35%.

The gold market has been experiencing a turbulent period in August, with prices declining for the fourth consecutive trading session.

In a tumultuous day of trading, gold futures experienced a significant downturn, mirroring the broader market sell-off that swept across various asset classes.