The volatile run for the precious metals continues. Gold and silver prices fell on the back of a firm dollar. This is after a stronger-than-expected January jobs data dimmed expectations for a near-term interest rate cut. Meanwhile, all eyes are now on the US inflation data on Friday for better insights into the possible monetary action in the US going forward.
Gold rate muted after sharp upmove
The spot gold prices are trading on a muted note around the $5,058.64/oz level after rising more than 1% in the previous session.
Jateen Trivedi, VP Research Analyst – Commodity and Currency, LKP Securities, highlighted the key levels to watch for gold, “On MCX, immediate support is seen near Rs 1,55,000/10 gm while resistance is placed in the Rs 1,60,000–1,62,000 /10 gm zone, with volatility likely to increase around U.S. data releases.”
The US dollar index rose, building on Wednesday’s rally following the surprisingly strong employment report that suggested underlying US economic health. A stronger dollar makes greenback-priced metals more expensive for other currency holders.
Silver volatile
The price move in silver has been significantly more volatile. The prices are hovering around the $82/troy ounce levels.
In a recent report, Emkay Wealth Management highlighted that gold and silver continue to command strong investor interest as the global precious metals rally extends into 2026, supported by a combination of macroeconomic trends, structural demand and long-term portfolio reallocation.
According to Emkay, “gold and silver enter a 3 to 5-year bull phase backed by rates, dollar and demand trends.”
Geopolitical tension continues
Moreover, the US President Donald Trump said talks with Israeli Prime Minister Benjamin Netanyahu reached no “definitive” agreement on how to move forward with Iran, but he insisted negotiations with Tehran would continue to see if a deal can be achieved.