Gold prices in India fell on Thursday, with MCX December futures trading around ₹1,22,373 per 10 grams, down from the previous close of ₹1,22,727. Silver also declined, slipping over 1% to ₹1,52,433 per kg in early trade.
Globally, spot gold eased 0.1% to $4,072.87 per ounce, while silver dropped about 0.5% to $50.35 per ounce. Analysts attributed the fall to stronger-than-expected U.S. non-farm payroll data, which showed 119,000 new jobs, and a rise in the unemployment rate to 4.4%.
The data suggested that the U.S. labor market remains resilient, reducing expectations of an imminent Federal Reserve rate cut. A stronger U.S. dollar also made bullion more expensive for holders of other currencies, adding further pressure on prices.
Market analysts expect gold to find support near ₹1,21,800–₹1,22,000 per 10 grams and resistance around ₹1,23,050–₹1,23,700, while silver may hold support near ₹1,52,350–₹1,53,050 per kg with resistance at ₹1,55,140–₹1,55,980.
Investors are closely watching global economic cues as bullion prices react to changing rate expectations and currency movements.
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