The commodity markets opened on Friday on a softer note, with gold prices and silver prices losing steam after global cues turned weak overnight. Traders across the world woke up to a stronger-than-expected US jobs report, and that one piece of data was enough to cool hopes of a US Fed rate cut next month.
And when the Fed turns cautious, bullion usually feels the pressure. That mood was visible on the MCX gold rate today, which slipped right from the opening tick.
Market Performance: Gold & Silver Under Pressure
Gold and silver started the day in the red on the Multi-Commodity Exchange (MCX) as global sentiment shifted.
MCX Opening Levels
- MCX gold rate today: opened 0.28% lower at ₹1,22,373 per 10 grams
(previous close: ₹1,22,727) - MCX silver rate today: opened 0.26% lower at ₹1,53,750 per kg
(previous close: ₹1,54,151)
By 9:10 AM, the selling pressure intensified:
- MCX gold price today: ₹1,22,442 per 10 grams, down ₹285 or 0.23%
- MCX silver prices: ₹1,52,433 per kg, down ₹1,718 or 1.11%
Silver saw a deeper cut compared to gold, mirroring the global trend.
What Triggered the Fall in Gold Prices?
It all circles back to the United States.
A fresh jobs report, stronger than what markets expected, changed the rate-cut narrative almost instantly.
Why the US Data Matters
- A strong labour market signals continued economic resilience.
- That reduces the urgency for the US Federal Reserve to cut interest rates.
- Higher US rates typically strengthen the US dollar.
- A stronger dollar makes gold—priced in dollars—more expensive for other currencies.
This chain reaction echoed across global bullion markets, dragging prices lower.
Global Gold & Silver Performance
- Spot gold price: down 0.1% at $4,072.87 per ounce
- US gold futures (Dec): up 0.3% at $4,071.90 per ounce
- Spot silver price: slipped 0.5% to $50.35 per ounce
The US dollar itself was on track for its strongest week in more than a month, adding more pressure on global gold prices.
Inside the US Labour Report: Key Numbers That Moved Gold
The jobs report was the main driver, and the numbers were eye-catching.
US Labour Market Snapshot
- Nonfarm payrolls: up 119,000, more than double the expectation of 50,000
- The unemployment rate inched up to 4.4%, coming in just above the 4.3% forecast.
- Wage growth: slightly higher at 3.8%
Even with rising unemployment, the strong payroll addition signalled enough momentum to keep the Fed cautious.
Markets now see around 39% probability of a rate cut next month.
Company (Commodity) Details: Understanding MCX Gold & Silver Trend
Gold and silver have been trading in a tight range, reacting to every shift in global dollar strength and US macro data. As the US currency firmed up, both commodities corrected on MCX.
Key Levels Today
- Gold prices: near ₹1.22 lakh per 10 grams
- Silver prices: around ₹1.52 lakh per kg
These levels reflect how quickly bullion adjusts when global cues turn unfavourable.
Summary
The gold rate today on MCX drifted lower as global sentiment weakened after a strong US jobs report dampened hopes of an immediate US Fed rate cut. The MCX gold price today slipped near ₹1.22 lakh per 10 grams, while MCX silver prices dropped more than 1%.
With the dollar strengthening, risk sentiment improving, and geopolitical tensions easing, bullion found little support—leading to a broad correction across commodity markets.
Easy & quick
Leave A Comment?