MCX Gold slips to ₹1.22 lakh/10 grams; Silver futures also decline as US job data dampens Fed rate cut expectations

Similarly, the yellow metal contracts for the February 2026 expiry stood at ₹1,24,000 per 10 grams, marking a decline of ₹334 or 0.27% at around 10:30 am.

On the MCX, silver futures for the December expiry fell by ₹2,154 or 1.40% to ₹1,51,997 per kilogram. White metal contracts for March 2026 delivery were at ₹1,55,004 per kilogram, down by ₹2,400 or 1.52%.

In the international market, Comex gold (December delivery) slumped 0.17% to $4,053.26 per ounce. Comex silver stood at $49.37 per troy ounce, reflecting a 1.85% fall.

The US Nonfarm Payrolls (NFP) data reported that the economy added 119,000 new jobs in September, the largest increase since April. However, unemployment rose by 0.1% to 4.4% during the month, the highest level since October 2021.

This follows the release of the US Federal Reserve's latest meeting minutes on Wednesday, where the 19-member Federal Open Market Committee appeared divided during its October meeting over cutting interest rates.

The disagreement extended into the outlook for December, with officials expressing skepticism about an additional rate cut, with many saying that there is no need for more rate cuts in 2025. While one camp was more concerned about the rising inflation, the other was more worried about the stalling labour market.

He added that the prolonged US government shutdown has disrupted key economic releases, with the Bureau of Labor Statistics merging October and November jobs data into a combined report, while GDP data has also been pushed back as well, increasing market uncertainty.

Meanwhile, geopolitical developments related to a potential Russia-Ukraine peace discussions, have also impacted safe-haven asset, he stated.

Investors will now be on the lookout for the US PMI and the revised University of Michigan Consumer Sentiment Index reports.

Meanwhile, the dollar index, which gauges the greenback's strength against a basket of six currencies, was 0.01% up at 100.09.