Gold prices exhibited a mixed performance on the MCX on Monday. Silver continued its recent upward trajectory, while gold prices experienced a slight decline as investors took the opportunity to realise profits after a significant increase the previous week. Attention also shifted to the forthcoming US inflation data for insights into the Federal Reserve’s interest rate outlook. In the domestic market, silver futures for September 2026 delivery increased by Rs 2,134, reaching Rs 2,33,600 per kg. Gold futures for October 2026 delivery decreased by Rs 360, bringing the price to Rs 1,51,461 per 10 grams. Markets will now monitor significant US economic data set to be released this week, with the Consumer Price Index on the agenda for Wednesday and the Producer Price Index expected on Thursday. US data indicated that the economy experienced an unanticipated decline in jobs during July, with employment increases for the preceding two months being significantly revised downward.
The weaker labour market data has shifted expectations regarding the Fed’s September policy decision, as futures markets now reflect a probability of less than 50% for a rate hike at the Federal Open Market Committee meeting on September 15-16. Gold generally gains from a reduced interest rate landscape, as the non-yielding asset appears more appealing in contrast to income-generating investments. Geopolitical tensions continued to capture attention. Iranian Foreign Minister Abbas Araqchi stated on Sunday that Tehran and Washington were not in discussions, emphasising that Iran would refrain from negotiations as long as the US persisted in violating an interim agreement established in June. Concerns regarding supply escalated following an attack on a Saudi oil facility over the weekend.
The Iran-aligned Houthis announced that they had targeted Saudi Aramco’s Jazan refinery on Sunday, following Saudi Arabia’s signing of a defence pact with Turkey and Pakistan just two days prior. This development comes amid increasing regional instability associated with the US-Israeli conflict with Iran. The UAE’s ADNOC reported on Friday that 15 of its vessels have been subjected to attacks while navigating the Strait of Hormuz since the onset of the conflict. Spot gold declined by 0.5% to $4,322.28 per ounce as of 0200 GMT. The yellow metal reached its peak level since June 17 on Friday, following the release of data indicating weaker-than-anticipated US job growth. US gold futures declined by 0.4% to $4,381.60 on Monday. Among other precious metals, spot silver fell 0.2% to $63.45 per ounce, while platinum declined 0.1% to $1,742.50 and palladium slipped 1.1% to $1,362.97.
Manoj Kumar Jain indicated that gold has support at $4,355-4,320 per troy ounce, while resistance is observed at $4,440-4,500. For silver, support is positioned at 62.40-61.60, while resistance is observed at 65.20-67.00 per troy ounce. On the MCX, gold exhibits support levels at Rs 1,50,500-1,49,100 and resistance levels at Rs 1,53,650-1,55,000. In contrast, silver shows support at Rs 2,29,200-2,27,000 and resistance at Rs 2,34,400-2,38,000. He suggested purchasing gold during price corrections in the Rs 1,51,000-1,50,000 range, advising a stop loss beneath Rs 1,48,800 and aiming for targets of Rs 1,53,000-1,54,400. For silver, he recommended purchasing in the range of Rs 2,29,000-2,27,000, with a stop loss set below Rs 2,24,000 and target levels of Rs 2,34,400-2,38,000.