Both gold and silver prices continued to hold Friday’s early gains after data showed the US economy created fewer jobs than expected in December, which could reinforce the case for more Federal Reserve rate cuts this year.
The February gold future contracts on MCX surged ₹1,160 per 10 grams to reach ₹1,38,902. The rebound also contributed to a 2% rally for the week so far. In the international market, the spot gold price rose 0.5% to $4,496 per troy ounce.
Silver prices saw renewed buying interest, with March₹7,476 per kilogram”> silver future contracts gaining ₹7,476 per kilogram, or 3%, to cross the ₹2.5 lakh mark, reaching ₹2,50,800.
For the week, MCX silver is up nearly ₹14,510 per kilogram, while for the month it has gained ₹15,101 so far. In the last two trading sessions, silver prices had crashed by ₹14,487, or 6%, from the Tuesday closing level of ₹2,58,811 per kg.
In the international market, spot silver gained 2.73% to $75.50 per ounce, tracking a weekly rise of over 8.6%.
Ponmudi R, CEO of Enrich Money, said, “Sustained strength above ₹2,48,000- ₹2,50,000 keeps the upside momentum intact. 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 supports in the ₹2,43,000– ₹2,38,000 zone, where fresh buying interest is likely to emerge.”
December US nonfarm payrolls slightly miss forecasts
US nonfarm payrolls increased by 50,000 in December, falling short of expectations and below the downwardly revised 56,000 jobs added in November, Reuters reported, citing data from the Labor Department. Economists surveyed by Reuters had anticipated a rise of around 60,000 jobs.
That data, though slightly weaker than expected, showed a US economy that’s still trudging along, with investors anticipating that growth will ramp up. At the same time, the unemployment rate fell to 4.4%, compared with the forecast of 4.5%.
Federal Reserve officials have been watching the jobs picture closely for guidance on the future path of interest rates. Traders are currently expecting two rate cuts in 2026, according to the CME FedWatch tool.
Investors are now awaiting a potential Supreme Court ruling on the legality of President Donald Trump’s tariffs, which could have an impact on trade policy and the nation’s fiscal situation.
On the geopolitical front, the US seized a Venezuela‑linked, Russian‑flagged oil tanker after a weeks‑long pursuit, drawing a sharp rebuke from Moscow and escalating tensions. Meanwhile, the Russian military said it had fired its hypersonic Oreshnik missile at a target in Ukraine on Friday.
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