Gold Prices Plummet on MCX Amid US Jobs Data and Rising Crude Oil
Gold and silver prices have taken a sharp fall on the MCX, the biggest drop in recent days. As of September 7, gold October futures are trading at ₹1,52,315 per 10 grams, down by over a thousand rupees from previous highs. Silver December futures have also dropped to ₹2,36,885 per kg.
The decline is attributed to weak global signals, strong US employment data, and growing expectations that the US Federal Reserve may keep interest rates higher. The ongoing US-Iran tension has pushed crude oil prices higher, adding uncertainty to the global economy.
Market experts say the MCX gold prices are dropping below the 21-day Exponential Moving Average (EMA) and trending down towards the 55-day EMA. This is a sign of market weakness, but technical indicators should not be relied upon for predicting future prices.