MCX gold, silver futures slip ahead of US jobs report
Business
Gold and silver prices took a slight dip in India this Friday.
On MCX, gold futures for October dropped by ₹431 to ₹1.55 lakh per 10gm, while silver futures for December slipped ₹749 to ₹2.41 lakh per kilogram.
The drop comes as traders stay cautious ahead of the US jobs report and the rupee gets stronger against the US dollar.
Rupee up 0.5% makes imports cheaper
A stronger rupee (up 0.5% to ₹94.4850 per US dollar) has made imported gold and silver cheaper, pulling down local prices even though global rates were high.
Silver contracts saw big rollovers, with open interest dropping over 50%.
Plus, elevated crude prices and ongoing geopolitical tensions are adding some extra pressure on precious metals here at home.