Gold Prices – Gold Slips as Silver Extends Gains in Morning Trade
Gold Prices – Gold prices moved lower in Thursday’s morning trade as investors booked profits after the metal’s recent rise, while silver continued to show strength for the third consecutive session. Market participants remained focused on upcoming US employment data, which could offer fresh direction on the Federal Reserve’s approach to interest rates.
Gold Futures Ease on MCX
August gold futures on the Multi Commodity Exchange opened at Rs 1,43,882 per 10 grams, lower by Rs 548, or 0.37 per cent, from the previous closing level of Rs 1,44,430.
By around 10:40 am, gold was quoted at Rs 1,43,797 per 10 grams, down Rs 633, or 0.44 per cent. During the session, the contract fell to a low of Rs 1,43,771, while its highest level was Rs 1,44,448.
The decline came after international gold prices retreated from their previous session peak. Traders appeared to reduce positions after COMEX gold had climbed to around $4,115 per ounce earlier, leading to some short-term selling in domestic futures.
Silver Maintains Positive Momentum
Silver futures for September delivery remained comparatively stronger. The contract rose as much as Rs 2,000 during the session, reaching an intraday high of Rs 2,32,339 per kg, a gain of about 0.84 per cent.
At around the same time, silver was trading at Rs 2,30,790 per kg, up Rs 406, or 0.18 per cent. Its intraday low stood at Rs 2,30,513 per kg.
The metal had opened at Rs 2,31,196 per kg, gaining Rs 812, or 0.35 per cent, against the previous close of Rs 2,30,384. The continued advance reflected sustained buying interest after silver posted gains in the previous two sessions.
Global Prices Show Diverging Trend
In overseas markets, gold was trading lower by 0.14 per cent at $4,076 per ounce. Silver, however, added 0.14 per cent to trade near $60.59 per ounce.
The mixed movement in global bullion markets was mirrored in domestic trading, with gold facing selling pressure and silver holding on to its recent gains. Currency movements, US economic indicators and expectations around monetary policy remained key factors for traders.
US Jobs Data Remains Key Market Trigger
Analysts said investors are waiting for the US non-farm payrolls report, which is expected to provide a clearer picture of labour market conditions and possible changes in the Federal Reserve’s policy outlook.
Recent US employment figures have been softer than market expectations, raising hopes that the central bank may avoid taking a more aggressive stance on interest rates. Lower crude oil prices have also helped reduce inflation concerns, offering some support to gold despite the day’s decline.
Interest Rate Outlook Supports Silver Sentiment
Silver has benefited from improving expectations that US interest rates may remain steady for longer. Comments from the Federal Reserve Chairman indicating that there is no immediate need to raise rates have supported sentiment across precious metals, particularly silver.
Lower interest-rate expectations generally improve the appeal of non-yielding assets such as gold and silver. While gold saw some profit-taking after its recent rally, market watchers said the broader direction for bullion will depend on incoming US data and further signals from the Federal Reserve.