Gold Prices Plunge Amid Stronger-Than-Expected US Jobs Data
Gold prices fell Rs 3,600 per 10 grams and silver dropped Rs 6,000 per kilogram on Monday as stronger-than-expected US jobs data reinforced expectations of higher interest rates.
The Multi Commodity Exchange (MCX) saw gold futures for October 2026 delivery decline by Rs 500 to Rs 1,52,244 per 10 grams. Silver futures for September 2026 delivery were down Rs 1,235 to Rs 2,36,423 per kilogram.
The data released on Friday showed US job growth accelerated sharply in August, while the unemployment rate remained steady at 4.1%. This kept a rate increase at the Federal Reserve's (Fed) September meeting on the table.
Anindya Banerjee, Head of Commodity and Currency Research at Kotak Securities, said gold has support near $4,280 and resistance near $4,520. A clear break above $4,520 would signal that the consolidation is done and the uptrend is resuming.