Gold Falls Ahead of US Payrolls Report
Gold and silver prices fell on Friday ahead of the closely watched US payrolls report, which is expected to influence the Federal Reserve's interest rate decision. The MCX gold futures for October 2026 delivery declined by Rs 2,100 to Rs 1,55,010 per 10 grams, while silver futures for September 2026 delivery dropped by Rs 1,500 to Rs 2,40,858 per kg.
The US nonfarm payrolls report is scheduled for release at 1230 GMT. Markets are currently pricing in a 62% probability of a US rate hike this month, according to the CME FedWatch Tool.
Higher interest rates typically pressure gold, as it is a non-yielding asset. Geopolitical tensions also remained in focus, with fears of renewed escalation in the Middle East after the US and Iran exchanged their biggest barrage since July.
Manoj Kumar Jain of Prithvi Finmart advised long-term investors to remain invested in gold and silver, while traders could consider booking profits on their long positions ahead of the US jobs data.