Gold price today: Yellow metal rates rise after weaker US job openings data; experts reveal key levels for MCX Gold

Gold price today: Gold prices rose in the early trade in the domestic futures market on Thursday, September 5, supported by global cues after the US job openings dropped to a three-and-half-year low in July.

Gold prices gained only slightly in the previous session. The MCX Gold October futures contract settled at ₹71,470 per 10 grams, an increase of 0.01 per cent. The yellow metal witnessed volatility during the session but recovered from its lows after downbeat US JOLTS (jobs and labour turnover survey) job openings data. The US JOLTS data showed that job openings in July declined to the lowest level since January 2021.

A decline in new job openings pushed the dollar index and US 10-year bond yields lower, supporting gold prices. Besides, short coverings and bargain buying at lower levels ahead of the monthly jobs report, due on Friday, also supported gold prices.

MCX Gold traded 0.03 per cent up at ₹71,486 per 10 grams around 9:15 am.

Experts point out that the monthly payroll data on Friday will significantly influence expectations about the size of the Fed rate cut this month, which will move gold prices.

Experts reveal key levels for MCX Gold today

Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold prices to remain volatile this week due to the dollar index's volatility and ahead of the US job data. However, he believes the metal could hold its crucial support level of $2,464 per troy ounce.

"Gold has support at $2,508-2,494 and resistance at $2,540-2,554 per troy ounce in today’s session. On the MCX, gold has support at ₹71,220-70,950 and resistance at ₹71,660-71,880," said Jain.

According to Aiyub Yacoobali, Chairman and Managing Director of South Gujarat Shares And Sharebrokers, on the downside, ₹71,018 – 70,736 will act as a major support zone, but fresh supply pressure is possible below this zone. On the upward, ₹71,720 – 71,780 will act as a major resistance zone. A fresh rally is possible only above this zone.

"MCX Gold is witnessing time correction, and it will see positive signs only above ₹71,720 – 71,780. Till then, every higher level will see supply pressure," said Yacoobali.

Brokerage firm SMC Global Research expects gold to trade in the range of ₹71,300-71,600, with sideways to bullish bias.

According to Motilal Oswal Financial Services, gold may trade in a broad range of ₹71,000 - 72,000 for the session, with support at ₹71,250-71,000, and resistance at ₹71,650-71,850.

Read all market-related news here

Disclaimer: The views and recommendations above are those of individual analysts, experts, and brokerage firms, not Mint. We advise investors to consult certified experts before making any investment decisions.