Gold & Silver Prices Face Test: US Midterms, Jobs Data Impact - Rediff MoneyWiz

AI desk brief

Gold and silver extended their recent correction ahead of the US midterms and a heavy macro calendar, with analysts flagging further downside risk if jobs data and policy uncertainty keep the dollar/rates backdrop firm. On MCX, December gold fell Rs 3,539 (-2.5%) on the week to Rs 1.38 lakh per 10 grams, while silver dropped Rs 16,587 (-8.5%) to Rs 1.79 lakh per kg.

In overseas trade, COMEX December gold lost USD 109 (-2.7%) to USD 3,898.9/oz after printing a low of USD 3,870, while silver slid USD 4.67 (-8.7%) to USD 49.27/oz, with Friday’s selling linked to broader liquidation and a corrective move in industrial metals. Analysts said any escalation in US-Iran tensions could lift crude and pressure risk assets further, though election-related uncertainty could trigger intermittent safe-haven buying.