Gold Advances Ahead of US Jobs Data, Silver Up 115% This Year

In the early trade on December 15, gold prices edged higher, with spot gold rising 0.4% to $4,320.65 ounce. Gold has recorded a strong run this year, gaining about 64 % so far. US gold futures also advanced 0.6 % to $4,354 an ounce. In the Indian market, 24-carat gold was priced at ₹13,473 per gram. Meanwhile, 22-carat gold traded at ₹12,350 per gram, and 18-carat gold stood at ₹10,105 per gram.

Silver Advances After Recent Record High

Silver prices rose 0.8 % to $62.48 an ounce. The metal had touched an all-time high of $64.65 an ounce on Friday, December 12, before retreating on profit-taking. Silver has gained about 115 % so far this year, driven by tightening inventories, strong industrial demand, and its inclusion in the US critical minerals list. In India, silver traded at ₹210 per gram, or ₹2.10 lakh per kilogram.

Dollar Weakness and Bond Yields Support Metals

The US dollar hovered near a two-month low, boosting the appeal of dollar-denominated commodities for overseas buyers. At the same time, benchmark 10-year US Treasury yields edged lower.

Market participants remain focused on the upcoming US non-farm payrolls data for clues on the Federal Reserve’s next policy moves. The Fed cut interest rates by 25 basis points last week in a rare split decision but indicated a possible pause as inflation remains sticky and the labour market outlook uncertain.

Investors are currently pricing in two rate cuts next year. Lower interest rates generally support non-yielding assets such as gold by reducing the opportunity cost of holding them.

Policy Developments in Focus

Market participants are also tracking domestic policy developments, including India’s move to allow pension funds to invest in gold and silver exchange-traded funds. Analysts view this as a potential boost to institutional participation and investor confidence in precious metals.

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