Gold Price Today slipped in the Indian futures market on Thursday morning as traders booked profits amid a firm US dollar and rising bond yields. The pullback came after recent gains, with investors turning cautious ahead of key US economic data.
On the Multi Commodity Exchange (MCX), February gold futures traded 0.25% lower at ₹1,37,663 per 10 grams, while March silver futures slipped 0.33% to ₹2,49,779 per kg in early trade.
The decline reflected global trends, where precious metals came under pressure as the dollar index hovered near a two-week high and US Treasury yields moved higher.
Why Are Gold and Silver Prices Falling?
The latest drop in bullion prices is largely driven by two global factors — a stronger dollar and higher bond yields.
When the US dollar rises, gold becomes more expensive for buyers using other currencies, which often weakens demand. At the same time, rising bond yields make interest-bearing assets more attractive, reducing the appeal of non-yielding assets like gold.
This combination triggered profit booking in the precious metals market. In the previous session, gold futures fell nearly 0.7%, while silver suffered a steeper decline of over 3%, highlighting the growing nervousness among traders.
Fed Rate Cut Hopes Limit Downside
Despite the pressure, gold has not lost its shine completely. Weak US labour data has revived expectations that the Federal Reserve may cut interest rates later this year.
Recent figures showed US job openings fell to their lowest level in more than a year, pointing to cooling momentum in the world’s largest economy. This has increased speculation that the Fed may turn more accommodative, which typically supports gold prices.
Market participants are now focused on the upcoming US non-farm payrolls report, which could offer fresh clues about the future direction of interest rates.
Gold Still Attracts Safe-Haven Buying
According to market experts, gold continues to enjoy underlying support from investors seeking stability amid global uncertainty.
Aksha Kamboj, Vice President at the India Bullion and Jewellers Association, said investment demand remains stronger than jewellery buying. She noted that many investors are prioritising protection over discretionary purchases, keeping gold in favour despite short-term fluctuations.
Key Levels to Watch in Gold and Silver
Analysts say technical levels will play a crucial role in deciding the next move for bullion.
MCX Gold Levels
- Support: ₹1,37,200 and ₹1,36,000
- Resistance: ₹1,38,800 and ₹1,39,500
MCX Silver Levels
- Support: ₹2,46,600 and ₹2,42,000
- Resistance: ₹2,54,000 and ₹2,58,800
Commodity expert Manoj Kumar Jain advised traders to keep stop-losses below ₹1,36,000 for gold and ₹2,46,000 for silver on a closing basis. If these levels hold, a stronger rebound could emerge in the coming week.
Meanwhile, some analysts believe gold may briefly dip further toward ₹1,37,000 as global prices remain under pressure.
What Lies Ahead for Bullion Markets?
The near-term direction of gold and silver will depend heavily on US economic data and currency movements. If signs of economic slowdown strengthen and rate-cut expectations rise, gold could regain momentum.
For now, traders are balancing between profit booking and safe-haven demand, making volatility likely in the days ahead.