Gold, Silver Prices Rise Amid Dollar Decline Ahead of Key US Payrolls Data
On Thursday, September 3rd, MCX gold and silver prices saw a significant jump of up to 1% due to the decline in US dollar and bond yields. The MCX gold October futures rose by 0.75% to ₹1,53,542 per 10 grams, while the MCX silver December contracts increased by 0.88% to ₹2,38,340 per kg around 9:15 AM.
The US dollar index and 10-year bond yields easing have enhanced the appeal of gold as a safe-haven asset, according to experts. Ravi Singh, Chief Research Officer at Master Capital Services, noted that 'Trump’s indication that the latest strikes on Iran could be short-lived has also reduced fears of a prolonged energy shock, slowing the oil rally and easing inflation concerns.'
Markets are now turning their attention to the upcoming US payrolls data, which could provide the next major trigger for gold. The ADP National Employment Report showed U.S. private payrolls increased moderately in August.