Gold price at Rs 1.47 lakh/10g; silver gains Rs 5,000/kg as US jobs data cools inflation worries. What are experts saying?
By:EconomicTimes
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Gold and silver opened higher on
MCX on Friday as weaker-than-expected U.S. labour market data prompted investors to scale back expectations of further interest rate hikes by the
Federal Reserve.
Following the data, traders trimmed expectations of a September rate hike. The CME FedWatch Tool now indicates a roughly 54% probability of a rate increase, down from 66% before the payrolls report.
Higher interest rates typically reduce the appeal of non-yielding assets such as gold by increasing the attractiveness of interest-bearing investments.
Bullion was also on track for a weekly gain of 2.3%, its first since the week of May 25. The rally came after softer-than-expected U.S. nonfarm payrolls and private payrolls data eased concerns over persistent inflation and the prospect of interest rates staying higher for longer.
Data from the U.S. Labor Department's Bureau of Labor Statistics showed nonfarm payrolls increased by 57,000 jobs last month, well below economists' expectations of 110,000, according to a Reuters poll.
In the international market, Spot gold rose 1.4% to $4,179.94 an ounce after touching its highest level since June 23. U.S. gold futures for August delivery gained 1.6% to $4,193.20 an ounce. Among other precious metals, spot silver gained 2.3% to $62.43 an ounce.
According to Manoj Kumar Jain of Prithvi Finmart, gold and silver prices are expected to remain volatile in Friday's session amid fluctuations in crude oil prices, the dollar index and U.S. bond yields.
He said gold has support at $4,084-$4,040 per troy ounce and resistance at $4,180-$4,240. Silver, meanwhile, has support at $59.40-$58.00 per troy ounce and resistance at $63.00-$64.40.
On the MCX, Jain said gold has support at Rs 1,44,400-Rs 1,43,350 and resistance at Rs 1,47,100-Rs 1,48,800. Silver has support at Rs 2,33,000-Rs 2,26,600 and resistance at Rs 2,37,700-Rs 2,41,000.
Standard gold (22 carat) prices in Delhi stand at Rs 1,05,568/8 grams while pure gold (24 carat) prices stand at Rs 1,15,152/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,05,448/8 grams while pure gold (24 carat) prices stand at Rs 1,15,032/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,07,208/8 grams while pure gold (24 carat) prices stand at Rs 1,16,952/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,05,448/8 grams while pure gold (24 carat) prices stand at Rs 1,15,032/8 grams.
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In the domestic market, MCX silver futures for September 2026 delivery were up Rs 4,912 (2%) to Rs 2,38,216 per kg. Gold futures for August 2026 delivery rose by Rs 2,219, to Rs 1,47,977 per 10 grams. In the previous session, the two ended marginally lower.
Following the data, traders trimmed expectations of a September rate hike. The CME FedWatch Tool now indicates a roughly 54% probability of a rate increase, down from 66% before the payrolls report.
Higher interest rates typically reduce the appeal of non-yielding assets such as gold by increasing the attractiveness of interest-bearing investments.
Bullion was also on track for a weekly gain of 2.3%, its first since the week of May 25. The rally came after softer-than-expected U.S. nonfarm payrolls and private payrolls data eased concerns over persistent inflation and the prospect of interest rates staying higher for longer.
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In the international market, Spot gold rose 1.4% to $4,179.94 an ounce after touching its highest level since June 23. U.S. gold futures for August delivery gained 1.6% to $4,193.20 an ounce. Among other precious metals, spot silver gained 2.3% to $62.43 an ounce.
How should you trade gold?
According to Manoj Kumar Jain of Prithvi Finmart, gold and silver prices are expected to remain volatile in Friday's session amid fluctuations in crude oil prices, the dollar index and U.S. bond yields.
He said gold has support at $4,084-$4,040 per troy ounce and resistance at $4,180-$4,240. Silver, meanwhile, has support at $59.40-$58.00 per troy ounce and resistance at $63.00-$64.40.
On the MCX, Jain said gold has support at Rs 1,44,400-Rs 1,43,350 and resistance at Rs 1,47,100-Rs 1,48,800. Silver has support at Rs 2,33,000-Rs 2,26,600 and resistance at Rs 2,37,700-Rs 2,41,000.
Gold rates in physical markets
Gold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,05,568/8 grams while pure gold (24 carat) prices stand at Rs 1,15,152/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,05,448/8 grams while pure gold (24 carat) prices stand at Rs 1,15,032/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,07,208/8 grams while pure gold (24 carat) prices stand at Rs 1,16,952/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,05,448/8 grams while pure gold (24 carat) prices stand at Rs 1,15,032/8 grams.
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