Gold and Silver Prices Drop on Market Data

Gold and silver prices have both experienced declines as of October 7, 2024, influenced by a strong US labor market indicating the likelihood of smaller interest rate cuts by the Federal Reserve. The price of gold retreated to below $2,642 per ounce amid expectations shaped by recent job growth data, where non-farm payrolls rose by 254,000 jobs in September, surpassing forecasts. Concurrently, silver prices fell to Rs 92,760 per kg in India and $31.90 per troy ounce globally, reflecting reduced speculative activity. The Gold/Silver ratio also increased, indicating a growing value of gold relative to silver. Market analysts are now looking ahead to the Federal Reserve's meeting minutes and upcoming consumer price index reports for further insights into monetary policy. The decline in precious metals prices highlights their sensitivity to economic indicators and investor sentiment.