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Gold and silver prices today edged lower in Indian markets, following sharp gains in the previous session. On MCX, gold futures fell 100 to 52,055 per 10 gram after surging nearly 1,000 in the previous session. Silver futures weakened 0,4% to 57,767 per kg. In global markets, spot gold fell 0.3% to $1,785.98 per ounce but remained on course for over 1% gains for the week. 

“Gold has also benefitted from safe haven buying amid increased tensions between US and China over Taiwan and increasing growth concerns. However, weighing on price is hawkish comments from Fed officials, concerns about consumer demand in India and China and continuing gold ETF outflows. Gold has moved close to $1800/oz level after a brief correction indicating positive momentum. However, we may see further gains only if US jobs report disappoints and further pressurizes US dollar," said Ravindra Rao, VP- Head Commodity Research at Kotak Securities.

Among other precious metals, spot silver fell 0.5% to $20.04 per ounce, while platinum rose 0.9% to $934.44.

Market observers will be closely looking at the US jobs data for July, due later today. Ahead of the jobs data, stocks in Europe and US equity futures struggled for direction while the dollar rebounded from two days of declines. 

An above-expectation reading could provoke a negative reaction on expectation that the US central bank will press on with jumbo-sized rate hikes. After the July policy meeting, Fed Chair Jerome Powell signalled further hikes will be data-dependent.

The yield on 10-year Treasury notes slipped, reducing the opportunity cost of holding non-interest bearing gold. But the US dollar moved higher, putting some pressure on bullion.

According to domestic brokerage Geojit, upticks in gold may continue while the support of $1760 remain undisturbed but consistent trades below $1730 is a corrective selling signal.

For silver, break above $20.50 is needed to continue rallies. “Else, there are chances of mild selling pressure for the day," the brokerage added. 

“Weighing on price are concerns about consumer demand in India and China and lack of investor buying despite price recovery. Gold is holding near the $1800/oz level. But we may see further gains only if US jobs report disappoints putting further pressure on US dollar," Kotak Securities said. (With Agency Inputs)

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