Gold prices experienced a phase of profit booking following their ascent to a new all-time high of Rs 1,08,749 per 10 grams in the preceding trading session. On Wednesday, the yellow metal commenced trading at a lower price, down by Rs 288 or 0.26%, settling at Rs 1,08,745 per 10 grams in response to the publication of the U.S. employment revision report.
Silver, however, exhibited resilience in the market, with MCX December futures rising by Rs 460 or 0.37% to reach Rs 1,24,920 per kg. On Tuesday, gold and silver concluded with varied outcomes in both domestic and international markets. Gold October futures concluded at Rs 1,09,033 per 10 grams, reflecting an increase of 0.47%, whereas silver December futures finished at Rs 1,24,461 per kg, marking a decline of 0.88%. Prices exhibited significant fluctuations as gold reached $3,700 per troy ounce for the first time in international markets, while silver surpassed $42 per troy ounce for the first time in 14 years. Both declined from their peak levels following the release of the U.S. employment revision report.
The initial adjustment to U.S. employment figures revealed a reduction of nearly one million jobs, a figure that is three times greater than the 10-year average and represents the most significant downgrade since 2009. The ECE national benchmark revision to total non-farm employment for March 2025 registered a decline of -911,000, equivalent to -0.6%. “The most concerning revision in US non-farm employment has heightened fears of stagflation and bolstered the dollar index,” stated Manoj Kumar Jain.
Jain anticipates that gold and silver will experience volatility this week, influenced by fluctuations in the dollar index and in anticipation of U.S. inflation data. He anticipates gold trading within the parameters of $3,510-3,770 per troy ounce and silver within the bounds of $39.10–44.00. On Wednesday, the U.S. Dollar Index was positioned around 97.77, reflecting a decrease of 0.02 points or 0.02%.