Gold price today: Positive global cues and easing expectations of aggressive rate hikes by the US Federal Reserve boosted precious metals, with gold and silver prices on the MCX jumping up to 2% on Friday, 3 July, morning.
MCX gold August futures were 1.44% up at ₹1,47,860 per 10 grams, while MCX silver September contracts were 1.80% up at ₹2,37,494 per kg around 9:45 am.
Gold prices in the US also climbed by more than 1%, looking set for its first weekly gain in five weeks, as softer-than-expected U.S. jobs data raised expectations that the Fed may delay rate hikes.
Meanwhile, the dollar index was also down about half a per cent for the week, making greenback-denominated gold cheaper for buyers in other currencies.
ADP’s national employment report showed that private employment in the US rose by 98,000 jobs in June, below expectations of a 1,18,000 rise.
increased by just 57,000 in June, below the expectations of a 1,10,000 rise. Moreover, April and May payrolls were also revised down by 74,000.
Weaker-than-expected private payrolls and nonfarm payrolls data eased concerns over potential interest rate hikes this year.
On the geopolitical front, the concluded their indirect negotiations in Doha. However, the key bones of contention, according to reports, remain unresolved.
“Gold prices steadied after weaker-than-expected U.S. nonfarm payrolls data reduced expectations of another Federal Reserve rate hike this year, supporting bullion prices. The softer labour market data provided relief after gold posted its worst quarterly performance in 13 years,” Ravi Singh, Chief Research Officer at Master Capital Services Limited, said.
Singh, however, added that hawkish remarks from Fed officials and their commitment to the 2% inflation target continue to limit the metal’s broader upside potential.
Gold and silver: Key levels to watch
As per Manoj Kumar Jain of Prithvifinmart Commodity Research, gold has support at $4,084 and $4,040, while resistance is at $4,180 and $4,240 per troy ounce, and silver has support at $59.40 and $58, while resistance is at $63 and $64.40 per troy ounce in today’s session.
MCX gold has support at ₹1,44,400 and ₹1,43,350 and resistance at ₹1,47,100 and ₹1,48,800, while silver has support at ₹2,33,000 and ₹2,26,600 and resistance at ₹2,37,700 and ₹2,41,000.
Singh pointed out that MCX gold has formed a strong base near the ₹1,40,500 support zone, with the daily chart indicating a bullish reversal from lower levels. The recent recovery suggests buying interest is returning after a sharp correction, and prices are attempting to regain momentum.
“As long as ₹1,40,500 remains intact, the overall outlook remains positive, and any decline should be viewed as a buy-on-dips opportunity. On the upside, immediate resistance is placed near the 21-day EMA around ₹1,48,000, while a sustained move above this level could extend the rally towards the 55-day EMA near ₹1,51,000,” said Singh.
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