New Delhi, Nov 21 || Gold prices saw a massive dip on Friday amid stronger than expected US September jobs data, which faded expectations of a near-term Federal Reserve rate cut.
Gold futures contracts on the Multi Commodity Exchange (MCX) were firmly in red (as of 12.43 pm) as the December futures dropped by Rs 1,067, or 0.87 per cent, to Rs 1,21,697 per 10 grams.
MCX Silver December contracts dipped 2.17 per cent or Rs 3,349 to Rs 1,50,802 per kg.
The price of 10 grams of 24-carat gold was at Rs 1,22,149 down from Rs 1,22,881 on Thursday, according to data published by the India Bullion and Jewellers Association (IBJA).
Analysts said that the dollar index remained strong against its major crosses, sustaining above 100 mark, which acted as a factor in easing of gold prices, apart from adverse jobs data in the US.