Gold rate today, 5th April 2024: Gold price dips 0.5%, silver price crashes over ₹1000/kg as US dollar rate rebounds

  • Gold and silver rates today came under the sell-off heat as the US dollar bounced back ahead of the US non-farm payroll data release

Asit Manohar
Published5 Apr 2024, 10:29 AM IST
Gold rate today: The US March non-farm payrolls report due on Friday, is expected to provide insight into the timing of the Fed rate cut, say experts.
Gold rate today: The US March non-farm payrolls report due on Friday, is expected to provide insight into the timing of the Fed rate cut, say experts.(Photo: Bloomberg)

Gold rate today: After climbing to record highs on Thursday, gold and silver prices came under sell-off pressure as the US dollar bounced back in early morning deals on Friday. The MCX gold rate for June 2024 expiry opened lower at 69,297 per 10 gm, which is around 0.50 percent lower from Thursday's close price of 69,707 per 10 gm level. In the international market, spot gold price came below the $2,300 level in the early morning session. Spot gold price is currently oscillating around $2,275 per ounce level.

Likewise, the silver rate today on MCX opened lower at 79,339 per kg level and went on to touch an intraday low of 78,777 per kg mark within a few minutes of the commodity market's opening bell. In the international market, silver price is around $26.50 per ounce level.

Why gold and silver prices are falling?

On why precious metal prices are under pressure today, Anuj Gupta, Head of Commodity & Currency at HDFC Securities said, "Gold and silver prices are under pressure because of the bounce back in the US dollar rates. After retracing from the four-and-half month high on Thursday, the US dollar index has witnessed some bottom fishing in the early morning session that has put precious metals under pressure."

US non-farm payroll data in focus

On triggers that may dictate gold and silver rates today, Saish Sandeep Sawant Dessai, Analyst — Base Metals at Angel One said, "Federal Reserve officials, including US central bank chief Jerome Powell, reiterated the necessity for additional discussion and data before implementing rate reductions, a move anticipated by financial markets around June. Despite this, data revealing a higher-than-expected rise in Americans filing for unemployment benefits last week indicated a gradual easing in labor market conditions. Attention now turns to the US March non-farm payrolls report due on Friday, expected to provide insight into the timing of the Fed's inaugural rate cut."

Gold price outlook

The outlook for gold remains cautiously optimistic, with prices likely to consolidate near recent highs as investors await further clarity on US interest rate cuts and monitor geopolitical developments," the Angel One expert said. He went on to add that the appeal for the yellow metal has been bolstered by robust central bank purchases and inflows of safe-haven investments amidst escalating geopolitical tensions, contributing to a price surge exceeding 25% since October.

Important levels to watch

"Gold and silver prices are close to their respective support levels of $2,280 and $26.50 per ounce levels in the international market. If the prices dip below these levels and sustain for more than two to three hours, then there can be some more downside possible in the precious metal prices. However, such a downside seems unlikely as US non-farm payroll data is expected today and the market is expecting encouraging US economic data today. So, those who have positions in gold and silver in the domestic market, they are advised to maintain stop loss at 69,000 per 10 gm in gold and 78,000 per kg level in silver," said Anuj Gupta of HDFC Securities.

Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.

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First Published:5 Apr 2024, 10:29 AM IST
HomeMarketsCommoditiesGold rate today, 5th April 2024: Gold price dips 0.5%, silver price crashes over ₹1000/kg as US dollar rate rebounds

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