Gold Surges Rs 2,000 Amid Rupee Weakness, Eyes US Jobs Data as Key Catalyst Gold prices on the Multi Commodity Exchange (MCX) surged by nearly Rs 2,000, reaching Rs 1,49,200 per 10 grams, as the Indian rupee weakened against the US dollar. The domestic spot gold price climbed to Rs 1,49,200, while international prices rebounded above $4,210 per ounce, gaining nearly $55 on Comex. Gold futures for the August contract rose 0.97 percent to Rs 1,48,633 per 10 grams, and silver futures for the July contract jumped 2.26 percent to Rs 2,38,452 per kilogram. Analysts attributed the rise to the rupee’s decline, which supported domestic bullion prices, while the stronger dollar added pressure on the currency. The rupee weakened 0.5 percent against the dollar, slipping to 94.7. Jateen Trivedi, VP Research Analyst at LKP Securities, noted that gold’s performance was driven by rupee weakness and that the market now focuses on upcoming US Non-Farm Payrolls and unemployment data. “Gold is likely to remain volatile ahead of the US employment data, with both dollar movements and rupee fluctuations influencing price action,” Trivedi said. The report highlighted that the US jobs data could act as a major trigger for gold, with market participants closely watching the outcomes. The Augmont Bullion report (June 22) outlined key factors shaping the precious metals market. It noted that Kevin Warsh’s first FOMC meeting as Fed Chair and the US-Iran interim ceasefire agreement on June 19 were pivotal events. The report also emphasized that ETF flows, which had recovered through April, faced renewed pressure due to higher-for-longer rate expectations. In the short term, gold’s support on Comex is estimated at $4,050–$4,100, with resistance at $4,250. A breakout above $4,250 could push prices toward $4,350.#multi_commodity_exchange #lkp_securities #jateen_trivedi #augmont_bullion #us_non_farm_payrolls
