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Informist, Thursday, Jan. 8, 2026

 

By Reshma Ravi

 

MUMBAI – Futures contracts of gold fell on the Multi Commodity Exchange of India and the COMEX on Thursday due to profit booking after the recent rally, analysts said. However, the fall in prices was limited as weaker-than-expected US jobs data reinforced expectation of a rate cut by the US Federal Reserve.

 

At 1556 IST, the most-active February GOLD contract on the MCX was down 0.6% at INR 137,170 per 10 grams. The most-active February contract on COMEX was down 0.5% at $4,440.7 per ounce.

 

Spot gold of 99.9% purity was traded in the Mumbai market at INR 135,443 per 10 grams, down from INR 136,615 Wednesday, said Kumar Jain, spokesperson, India Bullion and Jewellers Association. The prices fell due to profit booking, but downside for gold prices is limited due to expectation of a rate cut and safe-haven demand, analysts said.

 

"...recent batch of economic data showed weakness in labor market conditions, strengthening bets of a Federal Reserve rate cut,"  ICICI Direct said in a report. The US job openings also declined more than anticipated in November and hiring slowed, indicating that labour demand continued to decline due to economic uncertainty. The Bureau of Labor Statistics reported in its Job Openings and Labor Turnover Survey, or JOLTS report, on Wednesday that job openings, an indicator of labour demand, fell by 303,000 to 7.146 million by the end of November. Typically, gold performs well in a low-interest rate environment due to its non-interest-yielding nature.

 

The fall in prices is also likely to be limited due to safe-haven demand amid geopolitical tensions. On Wednesday, the US seized two Venezuela-linked oil tankers in the Atlantic Ocean, one sailing under Russia's flag, as part of US President Donald Trump's aggressive push to dictate oil flows in the Americas and force Venezuela's socialist government to become an ally, Reuters reported.

"Markets are now closely watching the upcoming nonfarm payrolls report (due on Friday) for clearer direction on the Federal Reserve's policy path, especially after FOMC member Neel Kashkari indicated that a rise in unemployment could strengthen the case for rate cuts," Kedia Adviosry said.

 

SILVER contracts fell on the MCX and COMEX, tracking gold. At 1601 IST, the most-active March silver contract on the MCX was down 3% at INR 243,222 per kg. The most-active March contract on COMEX was down 2.3% at $75.80 per ounce. 

 

Outlook for the rest of the session:

--MCX gold seen at INR 135,000–INR 139,000 per 10 grams

--COMEX gold seen at $4,280.0–$4,380.0 an ounce

--MCX silver seen at INR 236,000-INR 250,000 per kg

--COMEX silver seen at $74.80-$76.20 an ounce

 

End

 

US$1 = INR 90.02

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Vandana Hingorani

 

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