Gold prices ended the day down -0.13% at ₹76,143 as the US dollar strengthened and market expectations for the Federal Reserve to slash rates aggressively were tempered by a better-than-expected US jobs report. In September, the US labor market shown resiliency as job growth picked up speed and the jobless rate dropped to 4.1%. As a result, traders’ estimates for a 50 basis point rate cut at the central bank’s next policy meeting in November dropped from 28% to 11%. This diminished the likelihood of a rate decrease.
Technically, open interest dropped 2.08% to settle at 16,309 contracts, indicating a protracted liquidation of the market. A pullback is indicated by a ₹101 decline in gold prices. As of right now, the support level is at ₹75,710; a breach might challenge ₹75,275. Prices are projected to test ₹77,065 and encounter resistance around ₹76,605 on the upside.
