Gold prices halted a two-day upward trend, while silver commenced trading higher on MCX on Thursday, following disappointing jobs data and a drop in oil prices that bolstered demand for the safe-haven metal. Investors are currently anticipating the U.S. nonfarm payrolls report scheduled for later today, seeking additional insights into the Federal Reserve’s perspective on interest rates. In the domestic market, MCX silver futures for September 2026 delivery experienced an increase of Rs 1,263, reflecting a rise of 0.5%, bringing the price to Rs 2,31,653 per kg. Gold futures for August 2026 delivery experienced a decrease of Rs 548, bringing the price to Rs 1,44,194 per 10 grams.
Federal Reserve Chair Kevin Warsh stated on Wednesday that inflation expectations and inflation risks have diminished in recent weeks, while reaffirming the central bank’s dedication to returning inflation to its 2% target. Traders are currently assigning approximately a 64% probability to the likelihood of a rate hike in September, as indicated by the CME FedWatch Tool. Market participants are currently concentrating on the June nonfarm payrolls report for new indications regarding the Federal Reserve’s policy trajectory. Gold, traditionally viewed as a hedge against inflation, tends to lose some of its appeal when interest rates rise due to its lack of yield.
In the international market, Spot gold increased by 0.7% to $4,057.92 per ounce, following a peak not seen since June 23 in the prior session. U.S. gold futures for August delivery, however, declined by 0.3% to $4,070.10. Among other precious metals, spot silver climbed 1.6% to $60.06 per ounce, platinum rose 2% to $1,607.67, and palladium gained 1.4% to $1,227.13. According to Manoj Kumar Jain, gold has support at 4,040-3,994 per troy ounce, while resistance is placed at 4,122-4,164. Silver exhibits a support range between $58.80 and $57.40 per troy ounce, while facing resistance in the $61.60 to $63.20 bracket.
On the MCX, gold is anticipated to find support within the range of Rs 1,43,100-1,42,000, while resistance is expected at Rs 1,45,500-1,46,650. For silver, support is established at Rs 2,26,600-2,22,500, whereas resistance is identified at Rs 2,34,400-2,38,000. Jain advised investors to realise gains in long positions in both gold and silver on every increase prior to the release of the U.S. non-farm payrolls data.