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Wedding Season Sees Gold Prices Dip as US Jobs Data Dents Rate Cut Hopes
Gold Silver Price: Gold fell by Rs 400 in the Delhi bullion market to Rs 1,60,900. Strong US job data dashed hopes of a Fed rate cut. According to Kotak Securities, silver is experiencing its highest volatility since 1980.
The prices of gold have declined during the wedding season, and the silver market is witnessing huge volatility. The weak global cues and robust US economic data have ruled out the possibility of a rate cut, which is impacting the bullion market. The gold prices have declined in Delhi on Thursday, while the silver prices have remained steady.
According to the All India Bullion Association, the price of 99.9 percent pure gold in the capital Delhi fell by Rs 400 to Rs 1,60,900 per 10 grams. Earlier on Wednesday, it had closed at ₹1,61,300. However, silver prices remained unchanged at ₹2,68,500 per kilogram.
According to experts in the market, they think that the main reason for the decline in the price of gold is the employment data coming from the United States. According to Saumil Gandhi, who is a commodity analyst at HDFC Securities, "Better-than-expected labor data from the United States has reduced expectations of an early rate cut by the Federal Reserve."
The latest US Non-Farm Payroll Report revealed that 1.3 lakhs new jobs were added to the economy, with the unemployment rate dipping down to 4.3 percent. This strong economic data has driven investors away from gold.
