Indian Gold Prices Fall Amid Cautious Investors Ahead of US Jobs Report
Gold and silver prices declined in Indian futures trade on September 4, after recent gains. Investors turned cautious ahead of the US nonfarm payrolls report. The rupee strengthened by 0.5% to close at 94.4850 against the US dollar.
The Multi Commodity Exchange (MCX) saw gold futures for October delivery fall ₹431, or 0.28%, to ₹1.55 lakh per 10 grams. Silver futures for December delivery declined ₹749, or 0.31%, to ₹2.41 lakh per kg.
Vedika Narvekar from Anand Rathi Share and Stock Brokers said gold was holding near $4,480 an ounce after a volatile week and remained on track for a modest weekly gain. She attributed the support to dovish comments from the Federal Reserve and a weaker dollar.
The nonfarm payrolls report could influence the dollar, Treasury yields, and precious metals, said Gaurav Garg from Lemonn.