Today’s Gold Price: Rates of Yellow Metal Increase Following Weaker US Job Openings Data; Experts Share Key Levels for MCX Gold

Gold prices saw an increase in the early trade in the domestic futures market on Thursday, September 5, buoyed by global cues following a decline in US job openings to a three-and-a-half-year low in July.

In the previous session, gold prices slightly gained momentum. The MCX Gold October futures contract settled at ₹71,470 per 10 grams, marking a modest 0.01 per cent increase. Despite experiencing volatility, the yellow metal bounced back from its lows after disappointing US JOLTS (Jobs and Labor Turnover Survey) job openings data was released. The data revealed that job openings in July were at their lowest level since January 2021.

The decline in new job openings led to a drop in the dollar index and US 10-year bond yields, which in turn supported gold prices. Additionally, short coverings and bargain hunting at lower levels, ahead of the monthly jobs report to be released on Friday, also provided support to gold prices.

At around 9:15 am, MCX Gold was trading 0.03 per cent higher at ₹71,486 per 10 grams.

Looking ahead, experts suggest that the monthly payroll data to be released on Friday will play a significant role in shaping expectations regarding the size of the Fed rate cut for the month, thereby influencing gold prices.

Experts reveal key levels for MCX Gold today

Manoj Kumar Jain of Prithvifinmart Commodity Research anticipates that gold prices will experience volatility this week, attributed to the fluctuation in the dollar index and anticipation surrounding the US job data. He suggests that the metal is likely to maintain a crucial support level of $2,464 per troy ounce.

Jain further stated, “Gold is expected to find support at $2,508-2,494 and resistance at $2,540-2,554 per troy ounce in the current session. On the MCX, gold is likely to witness support at ₹71,220-70,950 and resistance at ₹71,660-71,880.”

According to Aiyub Yacoobali, Chairman and Managing Director of South Gujarat Shares And Sharebrokers, the major support zone for MCX Gold lies within ₹71,018 – 70,736, with the possibility of fresh supply pressure below this range. On the upside, ₹71,720 – 71,780 is identified as a significant resistance zone, indicating a potential rally only if surpassed.

Yacoobali highlighted, “MCX Gold is currently undergoing a period of time correction, and positive signals may emerge only above ₹71,720 – 71,780. Until then, higher levels are likely to face selling pressure.”

SMC Global Research, a brokerage firm, foresees gold trading in the range of ₹71,300-71,600, with a sideways to bullish bias.

As per Motilal Oswal Financial Services, gold is expected to trade within a broad range of ₹71,000 – 72,000 for the session, showing support at ₹71,250-71,000, and resistance at ₹71,650-71,850.

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Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.