Gold prices surged on Friday as market participants braced for US jobs data, which is expected to provide insights into the future trajectory of interest rate cuts.
As of 10:13 am, February gold futures were trading at Rs 76,777 per 10 grams on the MCX, up by Rs 301 or 0.39% from the previous session’s closing price. Meanwhile, March silver futures were at Rs 93,204 per kg, rising by Rs 780 or 0.84%.
Spot gold rose 0.3% to $2,638.66 per ounce by 0346 GMT after hitting its lowest since November 26 earlier in the session. Prices are down about 0.4% so far this week. US gold futures rose 0.5% to $2,661.00.
The US payrolls report is due at 1330 GMT. Non-farm payrolls likely increased by 200,000 jobs in November after rising by 12,000 in October.
Data on Thursday showed the number of Americans filing new applications for unemployment benefits rose slightly last week, pointing to steadily easing labour market conditions heading into the final stretch of 2024.
Markets currently see a 70.1% chance of a 25-basis-point Federal Reserve rate cut this month, according to the CME Group’s FedWatch Tool,Fed Chair Jerome Powell on Wednesday said the US economy was stronger than it had appeared in September, when the central bank began cutting rates, allowing policymakers to potentially be a little more cautious in reducing rates further.
Higher rates dull non-yielding bullion’s appeal.
“Gold has support at Rs76,210-76,000, while resistance at Rs76,670-76,840. Sliver has support at Rs92,000-91,480, while resistance at Rs 92,950-93,540,” said Rahul Kalantri, VP Commodities, Mehta Equities.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,944/8 grams while pure gold (24 carat) prices stand at Rs 61,744/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,560/8 grams while pure gold (24 carat) prices stand at Rs 61,336/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,824/8 grams while pure gold (24 carat) prices stand at Rs 60,592/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 57,016/8 grams while pure gold (24 carat) prices stand at Rs 60,720/8 grams.
(With inputs from agencies)
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)