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**Gold and Silver Prices Dip on Profit Booking Amid Dollar Strength**

**New Delhi, September 8th:** Gold and silver prices retreated in the domestic futures market this morning, driven by profit booking after recent highs and a strengthening US dollar.

At approximately 9:05 am, MCX Gold October futures were down 0.47 per cent at ₹1,07,219 per 10 grams, while MCX Silver December futures fell 0.51 per cent to ₹1,24,058 per kg.

The rise in the dollar index, up by about 0.20 per cent, is making gold more expensive for international buyers, dampening demand. This correction comes after gold hit record highs in the previous session fueled by expectations of an imminent US Federal Reserve rate cut.

Recent economic data from the US shows a weakening jobs market, with August payroll growth significantly lower than expected and the unemployment rate rising to 4.3 per cent. “The labour market is coming to a standstill as businesses slow the pace of hiring and await clarity on tariffs and Fed policy,” noted Jeffrey Roach, Chief Economist for LPL Financial. This pressure on the labor market is expected to influence the Fed’s upcoming meeting, with analysts anticipating a potential 25 basis point rate cut.

Investors are now closely watching the upcoming US CPI inflation data, scheduled for release on Thursday, for further clues on the Fed’s likely course of action.

Despite the current dip, market analysts maintain a cautiously optimistic outlook. Manoj Kumar Jain of Prithvifinmart Commodity Research anticipates continued volatility due to the dollar, rupee fluctuations, and ongoing trade tariff uncertainty. He suggests a buying strategy for silver on dips around ₹1,23,500.

Jigar Trivedi, Senior Research Analyst at Reliance Securities, believes MCX Gold October could rally to ₹1,08,000 per 10 grams, citing weakness in the US jobs market and continued gold purchases by the People’s Bank of China.

Other analysts, like Rahul Kalantri of Mehta Equities, have outlined key support and resistance levels for both gold and silver in both USD and INR terms, providing traders with specific price points to watch.

**Important Disclaimer:** Market conditions are subject to change. Investors are advised to consult with certified financial experts before making any investment decisions.

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