GG News Bureau
Mumbai, 3rd July: Gold prices edged lower on Thursday as global markets braced for key US economic indicators that could shape the Federal Reserve’s next interest rate decision.
Spot gold slipped 0.3% to $3,346.47 per ounce in early trade, while US gold futures were down 0.1% at $3,357.20 per ounce, reflecting a cautious mood among investors. Analysts noted that gold remained in a narrow consolidation range between $3,320 and $3,360.
In the Indian market, 24-karat gold was priced at ₹9,933 per gram, 22-karat at ₹9,105, and 18-karat at ₹7,450 per gram, according to Goodreturns.
The market is keenly awaiting the release of US Non-Farm Payrolls (NFP) and ISM Services PMI data later today. A softer-than-expected print could strengthen the case for an earlier-than-anticipated Fed rate cut.
“Gold appears to be consolidating as traders adopt a wait-and-see stance,” said Kelvin Wong, Senior Market Analyst at OANDA. He cited the ADP report that showed a surprise loss of 33,000 private sector jobs in June—the first decline in over two years—as a signal that the US economy may be cooling.
The NFP data is expected to show 110,000 jobs added in June, down from 139,000 in May, according to a Reuters poll.
Meanwhile, trade policy also influenced sentiment. The US revised its tariff on Vietnamese goods to 20%, lower than previously indicated, while trade negotiations with India continue ahead of a July 9 deadline. Talks with Japan remain inconclusive.
“The Vietnam deal may be priced in, but uncertainty over other trade agreements still hangs over the market,” Wong added.
Rahul Kalantri, Vice President of Commodities at Mehta Equities, warned that if a US-India trade deal is not finalised by July 9, global market volatility could rise, making gold more attractive as a safe-haven asset.
He pegged gold support at $3,320–$3,295 and resistance at $3,360–$3,375. In India, the corresponding levels were ₹96,990–₹96,680 and ₹97,810–₹98,280 per 10 grams.
As global uncertainties persist, traders continue to treat gold as a hedge, awaiting clarity on the Fed’s stance and trade developments.
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