Precious metals’ prices dip over dollar gains

NEW DELHI — Gold and silver prices dipped moderately on Thursday, as the US dollar strengthened.

MCX gold April futures dipped 0.24 per cent to Rs 1,58,371 per 10 grams on an intra-day basis. Meanwhile MCX silver March futures declined 0.72 per cent to INR 2,61,124 per kg.

The dollar index surged to 96.94 on Thursday from 96.83 in the previous session, due to strong jobs data from the US that suggested underlying economic health. A stronger dollar made greenback-priced bullion more expensive for other currency holders.

Analysts said that US job growth unexpectedly accelerated in January and the unemployment rate fell to 4.3 per cent, signs of labour market stability that could give the Fed room to keep interest rates unchanged for some time while policymakers monitor inflation.

Also read: Precious metal prices surge over soft US consumer spending data

"The largest increase in payrolls in 13 months likely exaggerates the labour market's health, as revisions showed the economy added only 1,81,000 jobs in 2025 instead of the previously estimated 5,84,000," said Manav Modi, commodities analyst, Motilal Oswal Financial services Ltd.

Earlier, in international commodity markets, gold and silver prices had inched up amidst rising geopolitical uncertainties. After talks with Israeli Prime Minister Benjamin Netanyahu, US President Donald Trump informed that a "definitive" agreement was not reached on how to move forward with Iran. However, he added that negotiations with Tehran would continue.

"Gold has support at INR 1,56,000 while resistance at INR 1,60,500," an analyst said. COMEX Gold traded within the $5000–$5,150 band after witnessing a sharp correction from highs near $5,500–$5,600.

The broader uptrend remains intact, and the recent pullback appears to be healthy profit booking rather than structural weakness, market participants said.