Gold and Silver Prices Rise Amid Shift in US Interest Rate Expectations

Gold and silver prices saw a slight uptick on August 7 as investors were glued to global bullion markets ahead of the US non-farm payrolls report. The precious metals benefited from a stronger safe-haven appetite and cooling crude oil prices, shifting expectations around US interest rates.

The MCX gold futures (October 5) opened 0.36% higher at Rs 1,49,029 per 10 grams and later touched an intraday high of Rs 1,49,700, a 0.81% increase by 12:10 pm. Silver futures (September 4) prices also saw buying momentum, with the white metal touching an intraday high of Rs 2,28,397 per kg, a 0.35% increase compared to the previous close.

At the last count, silver was trading at Rs 2,26,580, down 0.44% or Rs 1,004 from its previous close. In the international market, COMEX gold was trading 0.36% higher at $4,320 per ounce, while COMEX silver was up 0.12% at $62.36 per ounce.

Experts believe that gold and silver could remain volatile throughout the trading session as world markets adjust to US macroeconomic signals. If the jobs report comes in softer than expected, it may add to bullion prices, but if the data turns out stronger, upside could be capped quickly.