Gold Down as US Jobs Data Lifts Fed Hike Bets
Gold and silver futures fell as traders priced in a higher chance of a Federal Reserve rate hike after strong US jobs data, with COMEX gold down 0.90%.
- Precious metals futures on the Multi Commodity Exchange opened lower on Monday, September 7, 2026, mirroring global reactions to strong jobs data that fueled expectations of a Fed rate hike.
- Global markets reflected these trends as COMEX gold prices fell 0.90 per cent to approximately USD 4,401.9 per troy ounce, a decline Ponmudi, CEO of Enrich Money, attributed to strong jobs data.
- On the Multi Commodity Exchange, the gold October 5 contract opened with a fall of 0.31 per cent at Rs 1,52,279 per 10 grams, while December futures traded down 0.51 per cent.
- In Delhi and Kolkata, silver prices stood at Rs 2,50,000 per kg, while Chennai 24-carat gold was quoted at Rs 1,54,150 per 10 grams.
- Technical charts indicate immediate support for gold at Rs 1,50,700-1,50,000, aligning with the 100-day EMA, while immediate resistance remains at Rs 1,53,700-1,54,000 as investors monitor future price movements.
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12 Articles
Gold opens gap down on MCX, silver falls to Rs 2.36 lakh per kg amid strong US jobs data | City-wise rates
On the MCX, the yellow metal futures for December 2026 were down by Rs 782 or 0.51 per cent to trade at Rs 1,53,372 per 10 grams in business turnover of 8,519 lots.
Gold and silver prices: Rates drop on MCX amid weak global cues; strong U.S. jobs data fuel US Fed rate hike chatter
The rates of gold and silver dropped on the MCX in the morning session on Monday, 7 September. MCX gold October series dropped 0.30% to ₹1,52,315 per 10 grams, while MCE silver December contracts slipped 0.33% to ₹2,36,885 per kg.
Gold fell on Monday after Friday’s strong US employment report reinforced expectations of a rise in Federal Reserve interest rates this month, while investors waited for key data on inflation to get more clues about monetary policy prospects.
Gold prices on global markets turned downward on the first trading day of the week. Spot gold fell to $4.405 on the shockwave generated by the US employment data, while the eyes of the markets turned to the critical US CPI data to be announced. Uncertainty is escalating in precious metals ahead of the interest rate decision.
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