Gold Prices Plummet Ahead of US Payrolls Report

Gold and silver prices have taken a hit on the Multi Commodity Exchange after a two-day rally. The MCX silver futures for September 2026 delivery fell by Rs 1,500 to Rs 2,40,858 per kg, while gold futures for October 2026 delivery declined by Rs 2,100 to Rs 1,55,010 per 10 grams.

The drop comes ahead of the US payrolls report, which is scheduled for release at 1230 GMT. Markets are pricing in a 62% probability of a US rate hike this month, according to the CME FedWatch Tool.

Higher interest rates typically put pressure on gold and silver prices, as they offer no yield. However, geopolitical tensions remain a concern, with fears of renewed escalation in the Middle East after the US and Iran exchanged their biggest barrage since July.