Mumbai, August 8, 2026 (Yes Punjab News)
Gold prices surged 4.73 per cent over the week as a weaker US dollar and softer-than-expected labour market data reduced expectations of further monetary tightening by the US Federal Reserve.
On Friday, October gold futures on the Multi Commodity Exchange (MCX) rose 0.11 per cent, while September silver futures gained 0.15 per cent. Gold was quoted at Rs 1,51,985, while silver stood at Rs 2,31,804 per kg.
According to data from the India Bullion and Jewellers Association (IBJA), 24-carat gold was priced at Rs 1,49,621 per 10 grams on Friday, compared with Rs 1,42,863 at Monday’s market opening.
Precious metals received support from declining US Treasury yields and a softer dollar. Meanwhile, crude oil prices remained volatile amid changing developments around a potential agreement to reopen shipping through the Strait of Hormuz.
The US employment report released this week showed the economy unexpectedly lost 23,000 jobs in July, against market expectations of an increase of around 80,000. Earlier payroll figures were also revised sharply lower, with revisions for the preceding two months reducing employment estimates by around 1.03 lakh jobs.
The weaker labour market, along with soft ADP private payroll figures and other employment indicators, reduced market expectations of a September Fed rate hike to around 44 per cent from nearly 58 per cent.
US Treasury yields declined following the employment data, with the benchmark 10-year yield easing to around 4.60 per cent from an intraday high of 4.68 per cent, providing further support to gold and other precious metals.
Gold, which had initially come under pressure as geopolitical risk premiums eased following the postponement of a planned US strike on Iran, reversed course after the jobs data and climbed to a seven-week high.
However, inflation remains a key risk for the Federal Reserve, meaning upcoming inflation and labour market data will continue to influence the central bank’s policy outlook.
Commodity analysts have placed immediate resistance for COMEX gold at $4,470-$4,500, with support at $4,330-$4,300.
For MCX gold, resistance is seen at Rs 1,52,200-Rs 1,52,800, while Rs 1,50,000-Rs 1,50,700 is expected to provide support.
Investors will closely track Federal Reserve commentary, US Treasury yields, the dollar and developments surrounding the Strait of Hormuz. The July US inflation report, due next week, will also be closely watched for indications of the Fed’s future policy direction.
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