Gold Falls 1.2% to ₹1,53,620 Per 10g as US Jobs Data Stokes Rate Hike Fears, June 09

Gold prices in India fell 1.2% to ₹1,53,620 per 10 grams on June 8, 2026, marking another day of losses for precious metals. The decline followed stronger-than-expected US jobs data showing 172,000 positions added in May, which reinforced expectations that the Federal Reserve will keep interest rates higher for longer. Silver fell 2.5% to ₹2,42,450 per kilogram. Rising crude oil prices and Middle East tensions added to selling pressure across global bullion markets.

Why Gold Prices Fell Across India

Gold fell ₹1,860 per 10 grams on June 8, extending a week-long decline. The 24-carat price dropped to ₹1,53,620 per 10 grams, while 22-carat gold fell to ₹13,905 per gram. Silver recorded steeper losses, sliding ₹6.21 per gram. Analysts at Motilal Oswal Financial Services noted that gold prices remained under pressure after failing to hold above the ₹156,000–158,000 resistance level. The market slipped below the Bollinger Band midline, signaling weakening short-term momentum and a shift toward bearish technicals.

US Jobs Data Reshapes Rate Expectations

The May US jobs report delivered 172,000 new positions, more than double the 85,000 forecast, and unemployment held steady at 4.3%. This resilient labor market data extinguished expectations for Federal Reserve rate cuts in 2026 and reinforced bets on higher rates. US Treasury yields surged, with the 10-year rising to 4.54% and the 30-year topping 5%. A stronger US dollar followed, making gold more expensive for buyers using other currencies. Analysts noted that higher Treasury yields and a stronger dollar directly pressure bullion prices by reducing its appeal as a hedge.

Middle East Tensions and Crude Oil Spike

Escalating US-Iran tensions pushed crude oil prices higher, fueling inflation concerns among investors. Rising energy costs typically signal higher inflation, which can prompt central banks to maintain tight monetary policy. Experts warned that peace talks stalled and energy prices elevated as the path of least resistance for gold remains lower in the near term. Technically, gold approached a critical support cluster between ₹153,500 and ₹154,500. A sustained close below this level could accelerate losses toward ₹151,000 and potentially ₹148,000.

What This Means for Investors

With gold trading below key technical support levels and the Federal Reserve signaling no urgency to cut rates, near-term momentum remains cautiously bearish. Investors holding physical gold or jewellery face continued pressure on prices. The week ahead will test whether support near ₹154,000 holds. Buyers should monitor the US Fed’s next policy meeting and any ceasefire developments in the Middle East, as both could shift the outlook for precious metals.

Final Thoughts

Gold fell 1.2% to ₹1,53,620 per 10g on June 8 as US jobs data and rising Treasury yields pressured bullion. With support levels breaking and the Fed signaling higher rates ahead, downside risk remains elevated for investors.

FAQs

Disclaimer:

The content shared by Meyka AI PTY LTD is solely for research and informational purposes.  Meyka is not a financial advisory service, and the information provided should not be considered investment or trading advice.