Gold prices fell sharply in the domestic futures market on Monday morning, influenced by weak global trends and a rising dollar. Additionally, a robust US jobs report diminished expectations for a 50 basis point rate cut by the Federal Reserve in November.

As of 9:10 am, December gold contracts on the MCX were down 0.21% at ₹75,980 per 10 grams.

According to Reuters, US job gains in September were the strongest in six months, with the unemployment rate dropping to 4.1%. This suggests a healthy US economy, reducing the need for aggressive rate cuts by the Fed.

Strong macroeconomic indicators boosted the US dollar, which further pressured gold prices. Since gold is priced in dollars globally, a stronger dollar makes the metal more expensive in other currencies.

Investors are now focused on the release of the Fed’s last meeting minutes on Wednesday, October 9, followed by the US Consumer Price Index (CPI) data for September on Thursday, and the Producer Price Index (PPI) data on Friday. Additionally, comments from various Fed officials this week will also be closely monitored.