The precious metals rollercoaster continued in Mumbai, with gold and silver reversing Wednesday’s gains on Thursday due to a resurgent US dollar.
Post-Tuesday’s crash, mid-week trading delivered sharp upside. But early Thursday weakness prevailed on MCX: April gold hit a low of 1,57,701 rupees/10g, March silver 2,58,730 rupees/kg.
At 11:51 AM, gold traded at 1,58,377 (down 0.24%, -378 rupees); silver at 2,62,003 (-0.39%, -1,015 rupees).
Dollar strength stole the show, with the index at 96.94 up from 96.83. US jobs data impressed: unemployment at 4.3%, robust growth signaling no rush for Fed cuts.
Motilal Oswal analyst Manav Modi highlighted peak 13-month hiring, tempered by revisions to just 1,81,000 jobs in early 2025 vs. prior 5,84,000 forecast.
Background: Geopolitics drove prior rally, as Trump-Netanyahu talks yielded no Iran resolution, keeping tensions alive.
Outlook: Gold eyes 1,56,000 support, 1,60,500 resistance. Comex: gold $5,000-5,150 (from $5,500-5,600); silver $80-87 (from $121+).
Experts call recent drops profit-booking in a fundamentally bullish gold trend. Silver’s industrial appeal supports future demand amid swings.
All eyes on Friday’s US inflation and UK GDP releases to gauge if this dip deepens or reverses.