Gold Prices Plummet on Strong US Jobs Data
Gold prices have declined in India on Monday due to stronger-than-expected US jobs data. The Multi Commodity Exchange (MCX) saw gold futures for October 2026 delivery down by Rs 500 at Rs 1,52,244 per 10 grams. Silver futures for September 2026 delivery fell by Rs 1,235 to Rs 2,36,423 per kg.
The US jobs data released on Friday showed an acceleration in job growth and a steady unemployment rate of 4.1%. This has reinforced expectations of higher interest rates at the Federal Reserve's meeting next week. A strong inflation reading due later this week could push gold prices lower.
Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, believes that gold needs a clear break above $4,520 to signal an uptrend resuming. Until then, the market is expected to remain in a sideways trend.