Gold and silver prices jumped by up to 1% in morning deals on the MCX on Thursday, 3 September, supported by easing US dollar and bond yields. MCX gold October futures were 0.75% up at ₹1,53,542 per 10 grams, while MCX silver December contracts were 0.88% up at ₹2,38,340 per kg around 9:15 AM.
US gold futures for December delivery also rose by 1% to $4,473.21 per troy ounce as the dollar index and 10-year bond yields eased, enhancing the appeal of gold as a safe-haven asset.
Investors now await the US nonfarm payrolls data, due on Friday, for cues on the US Federal Reserve’s next policy move. The ADP National Employment Report showed U.S. private payrolls increased moderately in August.
“Trump’s indication that the latest strikes on Iran could be short-lived has also reduced fears of a prolonged energy shock, slowing the oil rally and easing inflation concerns. At the same time, softer US inflation signals and weaker August private payroll growth have tempered expectations of aggressive Fed tightening. Markets are now turning their attention to the upcoming US payrolls data, which could provide the next major trigger for gold,” Ravi Singh, Chief Research Officer at Master Capital Services, noted.
(This is a developing story. Please check back for fresh updates.)