Gold and silver prices opened lower on the MCX on Monday, snapping a four-session winning streak as investors booked profit despite easing concerns over further U.S. Federal Reserve rate hikes following softer-than-expected jobs data and declining oil prices.
In the domestic market, MCX silver futures for September 2026 delivery were down Rs 1,150 (0.5%) to Rs 2,37,264 per kg. Gold futures for August 2026 delivery fell by Rs 243 to Rs 1,47,135 per 10 grams. In the previous session, the two ended flat.
Data released on Thursday showed U.S. job growth slowed sharply in June, while payroll figures for the previous two months were revised lower. The data pointed to a cooling labour market and led investors to scale back expectations of a near-term Fed rate hike.
Traders are now pricing in about a 55% probability of a rate increase in September, down from over 60% before the jobs data, according to the CME FedWatch tool.
Investors will also closely watch the minutes of the Federal Reserve's June 16-17 policy meeting, chaired by Kevin Warsh, scheduled for release on Wednesday.
In the international market, spot gold was little changed at $4,175.02 per ounce after gaining more than 2% last week and snapping a four-week losing streak. U.S. gold futures for August delivery rose 1.5% to $4,186.80 per ounce. Spot silver extended its rally for a fifth straight session, edging up 0.1% to $62.4773 per ounce after earlier touching its highest level since June 23.
How should you trade gold?
Manoj Kumar Jain of Prithvi Finmart said gold has support in the $4,145-4,110 per troy ounce range, while resistance is seen at $4,220-4,255. Silver has support at $60.20-59.10 per troy ounce, with resistance placed at $64.00-65.50.
On the MCX, he said gold has support at Rs 1,46,650-1,45,800 and resistance at Rs 1,48,050-1,49,100. Silver has support at Rs 2,34,400-2,31,000, while resistance is placed at Rs 2,41,000-2,44,400.
Jain recommends buying gold on dips in the Rs 1,46,000-1,45,000 range with a stop loss below Rs 1,43,850, targeting Rs 1,48,000-1,49,100. For silver, he advises buying on dips in the Rs 2,34,400-2,31,000 range with a stop loss below Rs 2,27,000, targeting Rs 2,41,000-2,44,000.
Read more: Gold sitting idle at home? Here's how it could earn you an income and what to watch out for
Gold rates in physical markets
Gold Price today in DelhiStandard gold (22 carat) prices in Delhi stand at Rs 1,07,712/8 grams, while pure gold (24 carat) prices stand at Rs 1,17,496/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 1,07,592/8 grams, while pure gold (24 carat) prices stand at Rs 1,17,376/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 1,09,592/8 grams while pure gold (24 carat) prices stand at Rs 1,19,560/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 1,07,592/8 grams while pure gold (24 carat) prices stand at Rs 1,17,376/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)
