Gold Slips Amid Weaker Spot Demand, Silver Shines
Gold prices declined on September 1 in India, while silver gained in futures trade on the Multi Commodity Exchange (MCX), marking a mixed start for precious metals. The gold futures contract for October delivery fell ₹208, or 0.13%, to ₹1.54 lakh per 10 grams.
Gaurav Garg, Head of Research at Lemonn, attributed the decline in gold prices to weaker spot demand and a sharp correction over the past two sessions as markets assessed the Federal Reserve's policy outlook.
Markets are now watching US economic data, including the ADP employment report and Friday's Non-Farm Payrolls data, for clues on the Federal Reserve's September policy decision. Stronger labour-market data could push up yields and the dollar, potentially weighing on gold, while weaker data could revive expectations of monetary easing and support precious metals.