Today’s Gold Price Update: Bullion Prices Increase Following Drop in US Job Openings; Market Experts Identify Crucial Levels for MCX Gold Trading

Gold prices saw an increase in early trading on Thursday, September 5, driven by global trends, as US job openings fell to a three-and-a-half-year low in July.

In the previous session, MCX Gold October futures rose marginally, settling at ₹71,470 per 10 grams, marking a 0.01% increase. Despite volatility, gold prices rebounded following the release of disappointing US JOLTS job openings data, indicating a decline in new job opportunities in July.

The drop in job openings led to a decrease in the dollar index and US 10-year bond yields, providing support for gold prices. Additionally, short coverings and bargain buying at lower levels ahead of the upcoming monthly jobs report bolstered gold prices.

As of 9:15 am, MCX Gold was trading 0.03% higher at ₹71,486 per 10 grams.

Looking ahead, experts anticipate that the monthly payroll data on Friday will play a significant role in shaping expectations regarding the potential size of the Fed rate cut this month, thereby influencing gold prices.

Experts reveal key levels for MCX Gold today

Manoj Kumar Jain from Prithvifinmart Commodity Research predicts that gold prices will experience volatility this week due to the fluctuating dollar index and ahead of the US job data. However, he believes that the metal could maintain its crucial support level of $2,464 per troy ounce.

Jain stated, “Gold is expected to find support at $2,508-2,494 and resistance at $2,540-2,554 per troy ounce in today’s session. On the MCX, gold may see support at ₹71,220-70,950 and resistance at ₹71,660-71,880.”

According to Aiyub Yacoobali, Chairman and Managing Director of South Gujarat Shares And Sharebrokers, ₹71,018 – 70,736 will serve as a significant support zone on the downside, with the potential for fresh supply pressure below this level. On the upside, ₹71,720 – 71,780 will act as a major resistance zone, indicating a potential rally above this level.

Yacoobali mentioned, “MCX Gold is currently undergoing time correction and will exhibit positive signs only above ₹71,720 – 71,780. Until then, higher levels are likely to face supply pressure.”

SMC Global Research projects that gold will trade in the range of ₹71,300-71,600, with a sideways to bullish bias.

As per Motilal Oswal Financial Services, gold may fluctuate within the broad range of ₹71,000 – 72,000 for the session, with support levels at ₹71,250-71,000 and resistance at ₹71,650-71,850.

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Disclaimer: The views and recommendations mentioned are those of individual analysts, experts, and brokerage firms, and do not reflect the views of Mint. It is advisable for investors to seek advice from certified experts before making investment decisions.