Gold prices edged lower on Thursday as investors waited for US payroll data expected to provide more insights into the Federal Reserve’s monetary policy path.
As of 10:01 am, February gold futures were trading at Rs 76,980 per 10 grams on the MCX, down by Rs 112 or 0.15% from the previous session’s closing price.
Meanwhile, March silver futures were at Rs 93,026 per kg, falling by Rs 267 or 0.29%.
Spot gold, however, remained nearly unchanged at $2,647.17 per ounce, as of 0326 GMT. US gold futures eased 0.2% to $2,671.10.
The payrolls report on Friday will be followed US inflation data for November, which is expected next week.
Markets currently see a 73.8% chance of a 25-basis-point rate cut this month and an 85-basis-point reduction by the end of 2025, according to the CME Group’s FedWatch Tool.Fed Chair Jerome Powell said on Wednesday the US economy was stronger than the central bank had expected in September when it began trimming rates. He appeared to signal his support for a slower pace of cuts in future.Data on Wednesday showed that the US private payrolls grew at a moderate pace in November, while services sector activity slowed after big gains in recent months but remained above levels consistent with solid economic growth in the fourth quarter.
“Gold has support at Rs 76,880–76,710 and resistance at Rs 77,370–77,640. Silver has support at Rs 92,550–91,880, with resistance at Rs 93,950–94,540,” said Rahul Kalantri, VP Commodities at Mehta Equities.
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Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,360/8 grams while pure gold (24 carat) prices stand at Rs 61,112/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 57,720/8 grams while pure gold (24 carat) prices stand at Rs 61,576/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,664/8 grams while pure gold (24 carat) prices stand at Rs 60,400/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,784/8 grams while pure gold (24 carat) prices stand at Rs 60,568/8 grams.
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(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)