New Delhi, September 5, 2026 (Yes Punjab News)
Gold prices declined nearly 3 per cent over the week as changing expectations around US monetary policy, rising crude oil prices and stronger-than-expected US employment data weighed on the precious metal.
On Friday, MCX gold futures for October delivery edged up 0.03 per cent, while September silver futures declined 0.07 per cent. Gold stood at Rs 1,52,815, while silver was quoted at Rs 2,37,500.
According to data from the India Bullion and Jewellers Association (IBJA), the price of 10 grams of 24-carat gold fell to Rs 1,54,884 on Friday from Rs 1,59,578 a week earlier.
Precious metals touched a three-month high during the week before recovering from a sharp sell-off and then retreating on Friday as markets assessed geopolitical developments, Federal Reserve policy expectations and US labour-market data.
Bullion initially drew support from geopolitical uncertainty and weakness in the US dollar. However, an escalation in the US-Iran conflict, including Iran’s retaliatory attack on Kuwait following renewed US strikes on Iranian rocket launchers near the Strait of Hormuz, contributed to a surge in crude oil prices.
The rise in oil prices heightened inflation concerns and pushed expectations of a September Federal Reserve rate hike higher. Rising US Treasury yields and a stronger dollar subsequently outweighed safe-haven demand, triggering a correction in precious metals.
Market sentiment briefly turned supportive for gold after weaker-than-expected US labour-market data and dovish comments from the Federal Reserve revived expectations of a less aggressive monetary-policy approach.
That rebound proved short-lived after Friday’s August US employment report came in significantly above expectations. The stronger data pushed Treasury yields and the US dollar higher, reversing much of the earlier dovish sentiment, analysts said.
For Comex gold, analysts have placed immediate resistance in the $4,500-$4,530 range, with support at $4,330-$4,360.
For MCX gold, resistance is seen at Rs 1,56,500-Rs 1,57,000, while support is placed at Rs 1,51,500-Rs 1,52,000, they added.
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