New Delhi, June 6 (IANS) Gold prices dipped 0.87 per cent during the week as a stronger‑than‑expected US jobs report reinforced expectations that the Federal Reserve could keep interest rates higher for longer.

On Friday, MCX gold August futures dipped 2.47 per cent while MCX silver July futures lost 6.27 per cent. Currently, gold futures stand at Rs 1,55,600, while silver futures at Rs 2,48,201 per kg.

The price of 10 grams of 24-carat gold was at Rs 1,54,238 on Friday, down from Rs 1,55,599 seen on Monday market opening, according to data published by the India Bullion and Jewellers Association (IBJA).

Comex gold dipped as much as $136 to a session low of $4,369 per troy ounce, its weakest level since late March, leaving the metal down nearly 5 per cent for the week. Silver slumped $5.34 to a low of $68.63, marking a weekly decline of around 9 per cent and its fourth straight weekly loss.

The dollar index rose to about 99.5 per cent due to stronger jobs print, and Treasury yields also rose higher, denting the appeal of non‑yielding assets such as gold and silver.

Market participants noted that inflation remains above the Fed’s target, keeping the prospect of a 2026 rate hike alive and reinforcing the view that rates may stay high for longer than previously expected.

Silver remained comparatively weaker to gold and faced sustained selling pressure, reflecting both profit booking and concerns surrounding industrial demand, analysts said.

While gold has shown signs of resilience near key support zones, silver continues to exhibit a relatively cautious undertone, they added.

COMEX Gold is currently trading near the $4,350 support zone, and immediate resistance is placed in the $4,460–$4,500 region, market participants said.

Geopolitical developments in the Middle East, crude oil supply dynamics, US dollar movement, central-bank commentary, and key macroeconomic releases are likely to dictate short-term market direction, they added.

—IANS

aar/na