Gold Prices Slip After Sharp Rebound as Investors Await US Jobs Data

Gold and silver prices declined on Friday, September 4, following a sharp rebound in the previous session. The commodities eased after investors turned cautious ahead of the US nonfarm payrolls report, which could influence expectations around the Federal Reserve's monetary policy.

The COMEX gold price dropped 0.37% to $4,522.90 an ounce, while COMEX silver declined 0.39% to $67.44 an ounce. In New Delhi, gold of 99.9% purity fell ₹3,400 to ₹1.59 lakh per 10 grams, and silver dropped ₹5,000 to ₹2.40 lakh per kg.

The decline in precious metals comes as US Treasury yields eased from recent highs, while renewed geopolitical tensions supported safe-haven demand, according to Gaurav Garg, Head of Research at Lemonn. Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, noted that gold's sensitivity to changes in US monetary-policy expectations contributed to the rebound.

Markets are now awaiting the US nonfarm payrolls report due Friday, September 4, which could provide fresh clues on the labour market and the Fed's next policy move. Akshat Siddhant, Lead Quant Analyst at Mudrex, said gold recovered after hitting a one-month low, while silver also bounced from two-week lows, helped by a weaker dollar.