Gold Price Today: Yellow metal hits Rs 78,323 on MCX; silver at Rs 92,000, gains 0.32%
Gold futures climbed to Rs 78,323 on MCX, up 0.28%, with silver at Rs 92,000. US jobs data holds the key to near-term market momentum.
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Gold futures remained steady, inching upward on January 10, 2025, as investors braced for the release of the US non-farm payrolls data later in the day. On the Multi Commodity Exchange (MCX), gold futures were trading at Rs 78,323 per 10 grams, marking an increase of 0.28 per cent. Silver futures also posted gains, trading at Rs 92,000 per kilogram, up by 0.32 per cent.
Weekly performance supports a bullish sentiment
Gold futures have been on an upward trajectory throughout the week, supported by safe-haven demand amid global uncertainties and expectations of a dovish stance by the US Federal Reserve. The precious metal is poised for its strongest weekly performance since mid-November, underpinned by hopes of a more accommodative monetary policy as inflation shows signs of cooling.
Investors eye US jobs data for cues
The spotlight remains on the US non-farm payrolls report, scheduled for release at 8:30 a.m. Analysts surveyed anticipate an addition of 160,000 jobs in December, a drop from the 227,000 positions reported in November. A weaker-than-expected jobs number could strengthen gold prices further, as it might compel the Federal Reserve to adopt a more cautious approach to rate hikes.
Analysts’ insights: Strong support levels hold
Gold’s resilience is also attributed to its role as a hedge against inflation, particularly in an environment of moderating rate expectations. However, a stronger-than-expected jobs report could dampen sentiment, as it may bolster the dollar and Treasury yields.
Silver futures follow gold’s lead
Silver futures mirrored gold's gains, rising to Rs 92,000 per kilogram. The metal has displayed a robust performance this week, benefiting from industrial demand recovery and its correlation with gold.
With the US labour market data set to guide the next leg of price action, both gold and silver futures are expected to remain volatile in the short term. However, strong support levels and global uncertainties could sustain the upward momentum.
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