Gold Prices Climb on September 5 Amid Weak US Job Openings Data : Key Insights for MCX Gold
Gold price today On September 5, gold prices experienced a modest increase in early trading, driven by global financial trends following a notable drop in US job openings. The MCX Gold October futures rose to ₹71,487 per 10 grams, buoyed by a weakened dollar index and bargain hunting as traders anticipated the upcoming monthly jobs report.
In the previous trading session, gold prices saw only a slight uptick. The MCX Gold October futures contract closed at ₹71,470 per 10 grams, reflecting a marginal rise of 0.01 percent. Despite experiencing volatility throughout the session, the yellow metal managed to recover from its lows after the release of disappointing US JOLTS (Job Openings and Labor Turnover Survey) data. This report revealed that job openings had plummeted to their lowest level since January 2021.
The decline in job openings has exerted downward pressure on the dollar index and US 10-year bond yields, thereby providing support to gold prices. Additionally, the market saw some short-covering and bargain buying at lower levels as traders positioned themselves ahead of the critical monthly jobs report, which is set to be released on Friday.
Gold price today : key levels for MCX Gold
As of 9:15 am, MCX Gold was trading 0.03 percent higher at ₹71,486 per 10 grams. Market analysts suggest that the upcoming payroll data will be crucial in shaping expectations for the Federal Reserve’s interest rate decisions this month, which in turn will influence gold prices.
Market Analysis and Forecasts
Experts have outlined several key levels for MCX Gold in today’s trading. Manoj Kumar Jain of Prithvi Finmart Commodity Research anticipates that gold prices will remain volatile this week due to fluctuations in the dollar index and the imminent US job data. Jain predicts that gold could hold its crucial support level of $2,464 per troy ounce.
According to Jain, gold prices have support at $2,508-$2,494 and resistance at $2,540-$2,554 per troy ounce. On the MCX, the support levels are expected to be ₹71,220-70,950, with resistance at ₹71,660-71,880.
Aiyub Yacoobali, Chairman and Managing Director of South Gujarat Shares and Share Brokers, indicates that the major support zone for gold on the downside is ₹71,018-70,736. However, he warns that there might be fresh supply pressure if gold prices fall below this zone. Conversely, on the upside, Yacoobali highlights ₹71,720-71,780 as a significant resistance zone, suggesting that a new rally could only materialize if gold prices breach this range.
Yacoobali also notes that MCX Gold is currently undergoing a phase of time correction. He predicts that the metal will show positive signs only if it surpasses ₹71,720-71,780. Until then, any rise in price levels might face selling pressure.
Brokerage firm SMC Global Research anticipates that gold will trade within the range of ₹71,300-71,600, exhibiting a sideways to bullish bias. They suggest that the market will likely see fluctuations within this range as traders digest the latest data and prepare for the forthcoming jobs report.
Motilal Oswal Financial Services provides a broader range forecast, projecting that gold may trade between ₹71,000 and ₹72,000 for the session. They identify support levels at ₹71,250-71,000 and resistance levels at ₹71,650-71,850.
Conclusion
Gold prices on September 5 reflect the market’s reaction to recent US economic data and anticipate further developments. The decline in US job openings has played a significant role in influencing gold prices, with traders watching closely for additional signals from the upcoming payroll data. The metal is expected to face volatility, with key support and resistance levels guiding its movements in the near term. As traders and analysts brace for the monthly jobs report, gold’s performance will likely remain closely tied to shifts in economic indicators and central bank expectations.