Gold price today: MCX gold rate jumps on weak US economic data. US payroll data in focus

Gold rate today: Following the weak US economic data, MCX gold rate opened with an upside gap at ₹98,248 per 10 gm and touched an intraday high of ₹98,378 within a few minutes of the Opening Bell. The MCX gold rate had ended at ₹97,874 per 10 gm on Thursday. The sift US economic data outweighed initial optimism over U.S. President Donald Trump's call with his Chinese counterpart Xi Jinping, while investors awaited US payroll data.

"Some of the initial enthusiasm for risk appetite following the Trump-Xi call has started to wear off, which has enabled gold to creep higher," said Tim Waterer, chief market analyst at KCM Trade, adding, “As Trump's optimistic take masked recent weak US economic data earlier.”

What's fueling gold rates today?

On why gold price today is rising, Jateen Trivedi, VP Research Analyst - Commodity and Currency at LKP Securities, said, “Gold prices traded higher, supported by a weaker dollar and renewed safe-haven demand amid lingering tariff uncertainty and U.S. debt concerns. The broader sentiment in the bullion space remains positive, driven by geopolitical tensions and ongoing imbalance in global trade and financial dynamics.”

On the outlook of gold rates today, the LKP Securities expert said, 'Going forward, gold price is expected to trade in a positive range between ₹97,000 and ₹99,500, with sentiment hinging on upcoming U.S. economic data and geopolitical developments."

US payroll data in focus

Investors are now awaiting US nonfarm payroll data due on Friday, after a slew of data throughout this week highlighting labor market softness.

"The upcoming NFP release could be the catalyst for a breakout should the data produce a significant miss on either side of expectations," Waterer said.

Fed policymakers indicated that inflation remains a greater concern than labor market cooling, suggesting a prolonged hold on monetary policy adjustments.

Gold, often seen as a safe-haven asset, tends to perform well during economic uncertainty and in low-interest-rate environments.

(With inputs from Reuters)

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