MCX Gold Surges ₹1,160 per 10g, Silver Rallies ₹7,476 per kg on Weak US Jobs Data
MCX gold and silver prices surged following weak US December jobs data, with gold futures gaining ₹1,160 per 10g to ₹1,38,902 and silver jumping ₹7,476 per kg to cross ₹2.50 lakh. US nonfarm payrolls rose by only 50,000 jobs versus 60,000 expected, though unemployment fell to 4.4%. International markets also gained, with spot gold up 0.5% and silver rising 2.73% for the session.
*this image is generated using AI for illustrative purposes only.
Gold and silver prices surged on the Multi Commodity Exchange (MCX) following the release of disappointing US employment data for December. The weaker jobs report has reinforced expectations for potential Federal Reserve rate cuts, driving precious metals higher across domestic and international markets.
MCX Precious Metals Performance
Both metals demonstrated strong momentum, with gold and silver posting significant gains after the US jobs data release.
| Metal | Contract | Price Movement | Current Level |
|---|---|---|---|
| Gold | February Futures | +₹1,160 per 10g | ₹1,38,902 |
| Silver | March Futures | +₹7,476 per kg (+3%) | ₹2,50,800 |
The February gold futures contracts experienced a notable rebound, contributing to a 2.00% rally for the week. Silver prices demonstrated even stronger performance, with March contracts gaining 3.00% to cross the significant ₹2.50 lakh per kilogram threshold.
Silver's Weekly and Monthly Trajectory
Silver has shown remarkable volatility and recovery patterns over recent trading periods. For the current week, MCX silver has gained nearly ₹14,510 per kilogram, while monthly gains have reached ₹15,101. However, this recovery follows a sharp correction in the previous two trading sessions, where silver prices had crashed by ₹14,487, representing a 6.00% decline from Tuesday's closing level of ₹2,58,811 per kilogram.
International Market Dynamics
Global precious metals markets mirrored the domestic strength, with both gold and silver posting solid gains.
| Metal | International Performance | Current Level | Weekly Change |
|---|---|---|---|
| Spot Gold | +0.50% | $4,496 per troy ounce | - |
| Spot Silver | +2.73% | $75.50 per ounce | +8.60% |
International silver demonstrated particularly strong weekly performance, tracking a rise of over 8.60% for the week.
Technical Outlook and Price Levels
Ponmudi R, CEO of Enrich Money, provided technical analysis for silver's price trajectory. According to the expert, sustained strength above the ₹2,48,000-₹2,50,000 range maintains upside momentum. A breakout beyond ₹2,52,000-₹2,55,000 could accelerate gains toward ₹2,60,000-₹2,70,000. On the downside, a break below ₹2,44,000 would expose support levels in the ₹2,43,000-₹2,38,000 zone, where fresh buying interest is likely to emerge.
US Employment Data Impact
The catalyst for precious metals' rally came from disappointing US labor market data. December nonfarm payrolls increased by 50,000 jobs, falling short of the 60,000 forecast and below November's downwardly revised 56,000 jobs added. Despite the weaker job creation, the unemployment rate improved to 4.40%, compared with the forecast of 4.50%. Federal Reserve officials continue monitoring employment data closely for guidance on future interest rate decisions, with traders currently expecting two rate cuts in 2026 according to the CME FedWatch tool.
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