Gold price today: Rates of gold and silver dropped in the domestic futures market Monday (September 8) morning on profit booking at higher levels amid an uptick in the US dollar.
MCX Gold October futures were 0.47 per cent down at ₹1,07,219 per 10 grams around 9:05 am. MCX Silver December futures were 0.51 per cent down at ₹1,24,058 per kg at that time.
The dollar index moved up by about 0.20 per cent, making the yellow metal expensive in overseas currencies and reducing demand.
Gold prices hit a record high in the previous session on expectations of a US Fed rate cut this month. Recent market data shows that the US jobs market is under pressure. US job growth weakened sharply in August, and the unemployment rate increased to a nearly four-year high of 4.3 per cent, reported Reuters.
“Payrolls grew by 22,000 in August after an upwardly revised gain of 79,000 in July. June numbers were revised lower by 27,000. With these revisions, employment in June and July combined is 21,000 lower than previously reported. The labour market is coming to a standstill as businesses slow the pace of hiring and await clarity on tariffs and Fed policy,” Jeffrey Roach, Chief Economist for LPL Financial, observed.
“As the Fed prepares for its upcoming meeting, policy makers will likely focus on the weakness in the job market to defend their decision to cut rates. The labour data is probably not weak enough for the Fed to cut by 50 basis points given inflation persistence, so as of now, our expectations are for a 25 basis point cut,” said Roach.
Investors’ focus is on Thursday’s August US CPI inflation data, which could further influence expectations about the Fed’s expected rate cut.
Experts point out key MCX levels to watch
Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile this week, given volatility in the dollar index, rupee, and US trade tariff uncertainty.
He suggests buying silver on dips around ₹1,23,500, with a stop loss of ₹1,22,200 and a target of ₹1,26,300.
Jain said gold has support at $3,620-3,600, while resistance is at $3,674-3,700 per troy ounce. Silver has support at $41.10-40.80, while resistance is at $41.84-42.10 per troy ounce in today’s session.
MCX Gold has support at ₹1,07,000-1,06,350 and resistance at ₹1,08,200-1,09,000, while silver has support at ₹1,23,500-1,22,200 and resistance at ₹1,26,000-1,27,700, said Jain.
Jigar Trivedi, Senior Research Analyst at Reliance Securities, believes MCX Gold October may appreciate to ₹1,08,000 per 10 grams as the outlook still looks bullish.
Trivedi highlighted key positives for gold, including weakness in the US jobs market, the People’s Bank of China’s buying of gold for a 10th straight month in August, and the Trump administration’s decision to exempt gold, along with some metals, from its country-based tariffs.
According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,560-3,535 and resistance at $3,615-3,635. Silver has support at $40.40-40.10 and resistance at $41.10-41.35.
In INR, gold has support at ₹1,07,240-1,06,740, while resistance is at ₹1,08,450-1,08,950. Silver has support at ₹1,23,250-1,22,350, while resistance is at ₹1,25,350, 1,26,150, said Kalantri.
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Disclaimer: This story is for educational purposes only. The views and recommendations expressed are those of individual analysts or broking firms, not Mint. We advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and circumstances may vary.
