Mumbai: Gold and silver prices slipped on Thursday after strong jobs data from the United States boosted the dollar and reduced hopes of an early interest rate cut.

According to a report by Reuters, fresh data showed that the US economy added more jobs than expected in January. The unemployment rate also remained steady, pointing to continued strength in the labour market.

Following the report, the dollar gained against other major currencies. A stronger dollar usually makes gold and silver more expensive for buyers using other currencies, which can reduce demand and push prices lower.

Spot gold fell slightly in global markets, while silver also moved down after recent gains. Analysts said investors reacted quickly to the jobs figures, as strong employment data may encourage the Federal Reserve to keep interest rates unchanged for longer.

Higher interest rates generally reduce the appeal of gold and silver because these metals do not offer interest returns. When rates stay high, investors often prefer assets that provide better yields.

In India, gold prices also eased in line with global trends. Traders said the movement was largely driven by international factors rather than domestic demand. The price correction comes after a period of volatility in precious metals, with investors closely watching economic signals from the United States.

Market participants are now turning their attention to upcoming inflation data and weekly jobless claims. These numbers are expected to give further clues about the direction of US monetary policy in the coming months.

Despite the short term decline, some analysts believe gold may continue to find support if global uncertainties rise or if inflation remains elevated. For now, however, strong economic data has shifted sentiment in favour of the dollar, putting pressure on precious metals.