Gold and Silver Prices Drop: MCX Gold at ₹1,07,219, Silver at ₹1,24,058 Amid Dollar Strength

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Gold and Silver Prices Drop: MCX Gold at ₹1,07,219, Silver at ₹1,24,058 Amid Dollar Strength

Gold and Silver Prices: Both gold and silver prices fell in the domestic futures market on Monday morning. Profit booking and a slight rise in the dollar index slightly dimmed the shine of precious metals. October gold futures on MCX were trading 0.47% lower at ₹ 1,07,219 per 10 grams and December silver futures were down 0.51% at ₹ 1,24,058 per kg.

Impact of US market and job data

Gold and Silver Prices Drop: MCX Gold at ₹1,07,219, Silver at ₹1,24,058 Amid Dollar Strength

Gold had hit a record high in the previous session as the US Federal Reserve is expected to cut interest rates this month. However, recent data exposed the weakness of the US job market, raising concerns among investors. The US unemployment rate rose to 4.3% in August, a nearly four-year high.

Expert opinion and trend of the coming days

Gold and Silver Prices Drop: MCX Gold at ₹1,07,219, Silver at ₹1,24,058 Amid Dollar Strength

Experts believe that gold and silver prices may remain volatile this week amid uncertainties over the dollar index, rupee movement and global trade tariffs. Many analysts believe that gold may still remain bullish, especially due to China’s continued gold purchases and US policies.

At present, gold and silver prices are presenting both opportunities and risks for investors. If you are planning to invest, then take a decision only after keeping in mind the current market conditions and expert opinion.

Disclaimer: This article has been written for educational purposes only. The views and estimates expressed in it are those of analysts and brokerage firms. Consult a certified financial advisor before making any investment decision, as market conditions can change rapidly.

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