MCX gold prices at Rs 1.39 lakh/10 gram; silver tanks Rs 2,000/kg as US jobs data fuels rate hike bets. Ke - The Economic Times

AI desk brief

Article summary

The article reports spot gold down 0.3% at $3,948.75/oz and silver down 0.2% at $49.67/oz, alongside stronger September US job openings and a CME FedWatch-implied 78% probability of a December Fed rate hike. December 2026 MCX silver futures fell Rs 2,000 to Rs 1,77,784/kg; the synopsis puts gold at Rs 1,30,300/10g, inconsistent with the headline’s roughly Rs 1.39 lakh and subsequent technical levels. It also reports falling oil prices easing inflation concerns; Prithvi Finmart’s Manoj Kumar Jain expects weekly volatility, identifies broader support at $3,800 for gold and $45 for silver, and argues that progress in US-Iran peace talks could support bullion.

Market implications · analysis

Labour-market resilience could pressure gold over the coming sessions if it sustains tighter policy expectations and raises expected real yields; the reported nominal-rate probabilities alone do not establish that transmission. Lower oil prices offer a competing channel through potentially reduced tightening needs, although weaker inflation expectations could offset that benefit to real yields. Peace progress could also reduce safe-haven demand, making its net effect ambiguous. Near-term direction is mixed; confidence is limited by inconsistent domestic quotes and absent real-yield or dollar data.