Gold and Silver Prices Today, June 9, 2025: Gold and silver prices decline as US economic data dampen hopes of US Fed rate cut

Gold prices in Monday’s session traded weak after decent gains over the past week. At around 11:00 am, gold August MCX futures traded lower by 0.54 per cent or Rs 521 at Rs 96,515 per 10 gm, while silver July futures traded weak by Rs 42 or 0.04 per cent at Rs 1,05,417 per kg. 

The yellow metal prices saw a correction as a stronger-than-expected US jobs data dampened hopes of interest rate cut by the US Federal Reserve. Simultaneously, upcoming trade talks between the US and China are also weighing on the bullion’s prices, denting the bullion’s safe-haven demand.

International price movement 

Gold prices internationally traded with losses of 0.3 per cent at $3,336.55, while in the spot market it traded with a positive bias of 0.14 per cent or 4.55 at $3,314.72 per ounce.

On Friday, gold and silver were settled on a mixed note in the international markets. Gold August futures contract were settled at $3,346.60 per troy ounce down by 0.84 per cent and silver July futures contract were settled at $36.139 per troy ounce, up by 0.93%. Domestic markets were also settled on a mixed note. Gold August futures contract settled at Rs97,036 per 10 grams with a loss of 0.86% while silver July futures contract settled at Rs 1,05,459 per kilogram with a gain of 0.97 per cent. Gold and silver showed very high price volatility last week but gold prices were unable to sustain above $3,400 per troy ounce amid upbeat U.S. JOLTS job openings data and rebound in the dollar index.

Gold prices also slipped amid resuming US-China trade talks but silver showed solid strength last week and hit 13 year highs in the international markets. Silver prices also hit life time high in the domestic markets. Resumes US-China trade talks and easing European inflation supports silver prices in the international markets. Silver prices crossed $36 per troy ounce levels after a long consolidation and showing strength. 

Gold and silver support and resistance levels

 Gold has support at $3320-3284, while resistance at $3364-3400 per troy ounce and silver has support at $35.80-35.50, while resistance is at $36.45-36.80 per troy ounce in today’s session. At mcx, gold is having support at 96600-96100 and resistance at 97700-98200 while silver is having support at 104400-103650 and resistance at 106500-107400.

Gold and silver trading strategy

Manoj Jain, Commodity Expert at IndiaNivesh suggests buying silver on dips around 104000-103500 range with a stop loss of 102400 for the target of 106500.