Gold price today: Gold prices Oil prices rose in early domestic futures trading on Thursday, September 5, supported by global cues after US job openings fell to a three-and-a-half-year low in July.
Gold prices gained only slightly in the previous session. The MCX October gold futures contract closed at ₹71.470 per 10 grams, up 0.01 percent. The yellow metal experienced volatility during the session but recovered from its lows after downbeat job vacancy data from the US JOLTS (Employment and Labor Turnover Survey) survey. The data from the US JOLTS survey showed that job vacancies in July declined to the lowest level since January 2021.
The drop in new job openings pushed the dollar index and 10-year US bond yields lower, supporting gold prices. In addition, short-covering and bargain buying at lower levels ahead of the monthly jobs report, due on Friday, also supported gold prices.
MCX Gold traded 0.03 percent higher on ₹71.486 per 10 grams around 9:15 am.
Experts say Friday’s monthly payrolls data will significantly influence expectations about the size of the Fed’s rate cut this month, which will move gold prices.
Experts reveal key levels for MCX Gold today
Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold prices to remain volatile this week on the back of volatile dollar index and awaiting US jobs data. However, he believes the metal could hold its crucial support level of $2,464 per troy ounce.
“Gold has support at $2,508-$2,494 and resistance at $2,540-$2,554 per troy ounce in today’s session. On the MCX, gold has support at ₹71.220-70.950 and resistance at ₹“71,660-71,880,” Jain said.
According to Aiyub Yacoobali, Chairman and Managing Director, South Gujarat Shares And Sharebrokers, on the downside, ₹71.018 – 70.736 will act as an important support zone, but renewed supply pressure is possible below this zone. ₹71.720 – 71.780 will act as an important resistance zone. A new rally is possible only above this zone.
“MCX Gold is experiencing a temporary correction and will see positive signals only above ₹71,720 – 71,780. Until then, every higher level will see supply pressure,” Yacoobali said.
Brokerage firm SMC Global Research expects gold to trade in the range of ₹71,300-71,600, with a lateral to bullish bias.
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