Gold Price Rises to Rs 1.47 Lakh per 10g as US Jobs Data Eases Inflation Concerns
Gold and silver prices surged sharply on India’s Multi Commodity Exchange (MCX) Friday following weaker-than-expected US labor market data that tempered fears of further Federal Reserve interest rate hikes. The gold market reacted positively, with gold bullion futures hitting Rs 1,47,977 per 10 grams, and silver futures gaining Rs 4,912 to Rs 2,38,216 per kilogram.
Impact of US Job Numbers on Gold and Silver
The US Labor Department reported a modest increase of 57,000 nonfarm payrolls in June, well below economists’ expectations of 110,000 jobs. This softer employment data cooled expectations that the Federal Reserve would continue raising interest rates aggressively to combat inflation. Lower rate hike prospects generally increase the attractiveness of precious metals like gold and silver, which do not yield interest but gain appeal as inflation hedges.
Domestic and Global Price Movements
On the MCX, gold futures for August 2026 delivery advanced by Rs 2,219, while September 2026 silver futures rose by 2%. Internationally, spot gold prices climbed 1.4% to $4,179.94 per ounce, marking their highest level since late June. US gold futures also increased, closing near $4,193 per ounce. Silver prices strengthened on both domestic and global markets, reflecting safe-haven demand and inflation concerns easing.
Expert Views on Gold and Silver Price Trends
Market experts highlight ongoing volatility in precious metals linked to fluctuations in crude oil, the US dollar index, and bond yields. Manoj Kumar Jain of Prithvi Finmart noted gold’s technical support between $4,040 and $4,084 per ounce with resistance toward $4,180-$4,240. Silver’s support stands near $58-$59.40 per ounce, with resistance in the $63-$64.40 range. On the MCX, key gold support levels are Rs 1,43,350 to Rs 1,44,400, with resistance at Rs 1,47,100 to Rs 1,48,800. Silver support and resistance are Rs 2,26,600–Rs 2,33,000 and Rs 2,37,700–Rs 2,41,000 respectively.
Gold Prices in Physical Markets
In major Indian cities, gold prices reflect these futures movements, though at slightly lower levels due to making charges and local demand. For instance, 22-carat standard gold is priced around Rs 1,05,500 per 8 grams in Delhi and Mumbai, while 24-carat pure gold quotes stand near Rs 1,15,000 per 8 grams.
Key Details
- Gold futures on MCX rose to Rs 1,47,977/10g (August delivery)
- Silver futures gained Rs 4,912/kg, reaching Rs 2,38,216 (September delivery)
- US nonfarm payrolls rose 57,000 in June versus 110,000 expected
- CME FedWatch Tool cut September rate hike odds from 66% to 54%
- Spot gold prices increased 1.4% to $4,179.94/oz internationally
- Gold on track for a weekly gain of 2.3%, first since late May
Why It Matters
Gold and silver prices are highly sensitive to US monetary policy signals. Employment data influence inflation expectations and central bank rate decisions, which in turn affect the opportunity cost of holding non-interest-bearing bullion. Easing rate hike concerns typically bolster demand for gold bullion as a hedge against inflation and currency fluctuations. This dynamic also impacts safe-haven demand amid broader financial market volatility, making precious metals an important asset class to monitor.
Conclusion
The recent US jobs report has provided temporary relief to inflation worries and reduced the likelihood of aggressive Federal Reserve rate hikes. This shift has led to a notable rise in gold and silver prices in India and global markets. Investors and traders should watch key technical support and resistance levels and remain attentive to evolving economic data and policy signals that influence precious metals markets.
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📝 About This Article
This article was generated by Hivebox AI in collaboration with nGRND.
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⚠️ Disclaimer
This content is for informational purposes only and does not constitute financial or investment advice.
Please consult with a qualified financial advisor before making any decisions related to investments, markets, or assets.
