India’s bullion traders navigated fresh turbulence as gold and silver retraced Wednesday’s fervor on Thursday, pressured by a robust dollar.
MCX April gold sank to 1,57,701 rupees per 10 grams daily low; March silver to 2,58,730 per kg.
Mid-session update: gold at 1,58,377 rupees (-378, -0.24%); silver 2,62,003 (-1,015, -0.39%).
Triggering the slide: Dollar index up to 96.94, powered by US January jobs beat—unemployment 4.3%, strong labor signals easing Fed pivot expectations.
Manav Modi of Motilal Oswal: Record 13-month jobs, but 2025 early revisions to 1,81,000 from 5,84,000.
Context from global stage: Escalating geopolitics lifted prices before; Trump-Netanyahu Iran dialogue ongoing sans deal.
Key levels—gold: support 1,56,000, resistance 1,60,500. Comex gold $5,000-5,150 post $5,500 highs; silver $80-87 after $121 records.
Consensus: Gold’s secular uptrend intact, dip mere profit-taking. Silver poised for demand, volatility expected.
Market participants monitor US CPI, UK GDP Friday for directional cues in this volatile environment.