Gold futures on COMEX edged higher by $2.60, or 0.06%, to $4,159.40 an ounce, while silver futures slipped $0.20, or 0.33%, to $61.10 an ounce— a muted session after last week’s volatility.
US Treasury yields have stayed stubbornly high, keeping the opportunity cost of holding non‑yielding assets like gold elevated. A softer‑than‑expected jobs print last week dampened expectations of an immediate Fed rate hike, giving the metal a slight lift.
In India, 99.9% purity gold traded at ₹1.49 lakh per 10 grams, unchanged from Monday, while silver held steady at ₹2.27 lakh per kilogram. The rupee’s relative stability against the dollar muted any dramatic swings in domestic bullion pricing.
Prithviraj Kothari, managing director of RiddiSiddhi Bullions, points to a psychological support zone at $4,110 an ounce, with a broader floor at $4,000. Dhruv Joglekar of Monarch PMS projects that festive demand could lift physical gold needs, yet he stresses that the market’s eye remains on U.S. economic data.
Looking ahead, traders are braced for the U.S. jobs report on Friday and the RBI’s monetary policy meeting on October 7. Any shift in Fed or RBI stance could tilt the dollar’s strength and, in turn, the trajectory of gold and silver prices.