Gold price today: Rates of gold and silver dropped in the domestic futures market Monday (September 8) morning on profit booking at higher levels amid an uptick in the US dollar.

MCX Gold October futures were 0.47 per cent down at ₹1,07,219 per 10 grams around 9:05 am. MCX Silver December futures were 0.51 per cent down at ₹1,24,058 per kg at that time.

The dollar index moved up by about 0.20 per cent, making the yellow metal expensive in overseas currencies and reducing demand.

Gold prices hit a record high in the previous session on expectations of a US Fed rate cut this month. Recent market data shows that the US jobs market is under pressure. US job growth weakened sharply in August, and the unemployment rate increased to a nearly four-year high of 4.3 per cent, reported Reuters.

“Payrolls grew by 22,000 in August after an upwardly revised gain of 79,000 in July. June numbers were revised lower by 27,000. With these revisions, employment in June and July combined is 21,000 lower than previously reported. The labour market is coming to a standstill as businesses slow the pace of hiring and await clarity on tariffs and Fed policy,” Jeffrey Roach, Chief Economist for LPL Financial, observed.

“As the Fed prepares for its upcoming meeting, policy makers will likely focus on the weakness in the job market to defend their decision to cut rates. The labour data is probably not weak enough for the Fed to cut by 50 basis points given inflation persistence, so as of now, our expectations are for a 25 basis point cut,” said Roach.

(This is a developing story. Please check back for fresh updates.)

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