Gold prices in India slipped on Monday (June 9), mirroring a global decline driven by easing fears around US-China trade tensions and strong US economic data.
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In India, 24-karat gold was priced at ₹97,690 per 10 grams, while 22-karat gold stood at ₹89,550. The price of 18-karat gold was ₹73,270 an ounce, according to GoodReturns data.
Globally, spot gold fell 0.4% to $3,298.12 an ounce, while US gold futures declined 0.9% to $3,317.40.
A better-than-expected US jobs report weakened hopes of near-term interest rate cuts by the Federal Reserve. The American economy added 1,39,000 jobs in May, beating estimates, while wages rose and the unemployment rate held steady at 4.2%.
As a result, investors now expect the US Fed to delay rate cuts until at least October.
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“Gold prices declined following stronger-than-expected US jobs data, which boosted Wall Street and strengthened the US dollar, both typically bearish for bullion,” said Aksha Kamboj, Vice President, India Bullion and Jewellers Association.
In addition, top officials from the US and China are set to meet in London for fresh trade talks. Optimism around a breakthrough reduced demand for safe-haven assets like gold.
“Short-term traders do not want to take aggressive long positions right now ahead of the outcome of US-China talks,” said Kelvin Wong, Senior Analyst at OANDA.
He noted that while tariffs may not be removed, lower trade tensions could dampen gold’s appeal.
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Back home, gold faced resistance at ₹97,350-₹97,640 per 10 grams and found support around ₹96,720-₹96,390 per 10 grams, according to Rahul Kalantri, VP Commodities at Mehta Equities.
He added, “Stronger US economic data, dollar strength, and renewed trade optimism kept gold under pressure last week.”
Looking ahead, markets await US consumer inflation data due Wednesday (June 11) and updates from the London trade talks. Any hawkish cues from the Fed or easing geopolitical tensions could limit further upside for gold.
Still, with geopolitical concerns like the Russia-Ukraine war and a widening US budget deficit in play, analysts expect volatility in bullion to persist.
–With Reuters inputs
