Gold Prices Slide ₹431 as Traders Await US Jobs Data

Gold prices on the Multi Commodity Exchange (MCX) have dropped by ₹431 to ₹1.55 lakh per 10 grams in futures trade, marking a decline of 0.28%.

This drop is largely attributed to profit-taking after recent gains, with investors being cautious ahead of the US Nonfarm Payrolls report.

The US Nonfarm Payrolls data could provide fresh cues on the Federal Reserve’s interest-rate outlook, influencing market participants’ decisions.

Gaurav Garg, Head of Research at brokerage platform Lemonn, stated that market participants are awaiting the US nonfarm payrolls report to determine the next move in the dollar, treasury yields, and precious metals.