Gold Rate Today: Yellow metal trades at Rs 97,280/10 grams as investors eye US jobs data, Fed signals caution
Gold prices slipped slightly on Wednesday as investors awaited key US payroll data and weighed comments from Federal Reserve Chair Jerome Powell, who signalled a cautious approach to interest rate cuts. However, a weaker US dollar helped cap losses for the precious metal.
In global markets, spot gold dipped 0.2% to $3,330.68 per ounce as of 0217 GMT, while US gold futures declined 0.3% to $3,340.60.
On the Multi Commodity Exchange (MCX), August gold futures were trading at Rs 97,278 per 10 grams around 10:17 am. September silver futures dropped Rs 180 or 0.17% to Rs 1,06,533 per kg.
Also Read: 10 Nifty smallcaps with up to 29 buy calls; analysts see up to 26% upside
The US dollar index slipped to its lowest level in more than three years, making gold cheaper for buyers using other currencies.
Powell reiterated the central bank’s intent to “wait and learn more” about the impact of tariffs on inflation before adjusting interest rates—despite calls from President Donald Trump for aggressive cuts.”Gold prices edged lower in early morning trade, as investors awaited U.S. payroll data and assessed Federal Reserve Chair Jerome Powell’s cautious stance on rate cuts, although a weaker dollar helped limit losses. Dollar index weakened to its lowest point in more than three years, marked below the 97 mark,” said Manav Modi, Senior Analyst, Commodity Research at Motilal Oswal Financial services.US job openings unexpectedly rose in May, but slower hiring pointed to a cooling labour market amid uncertainty linked to Trump’s tariff policies. Investors now await the ADP employment report due later today, followed by non-farm payrolls data on Thursday for a clearer picture of labour conditions.
In Washington, Senate Republicans narrowly passed Trump’s tax-and-spending bill on Tuesday, a proposal aimed at boosting defence outlays while cutting taxes and social programmes—raising the national debt by $3.3 trillion.
Trump also said he remained optimistic about reaching a trade deal with India but expressed doubts over progress with Japan. He confirmed there were no plans to extend the July 9 deadline for negotiating such deals.
Among other precious metals, spot silver edged down 0.1% to $36.01 per ounce, platinum fell 0.4% to $1,344.91, and palladium rose 0.4% to $1,104.92.
“Gold has support at $3305-3285 while resistance at $3345-3365. Silver has support at $35.72-35.55 while resistance is at $36.30-36.55. In INR gold has support at Rs 96,810-96,280 while resistance at Rs 97,810-98,280. Silver has support at Rs 1,05,180-1,04,350 while resistance at Rs 1,06,650-1,07,400,” Kalantri said.
Gold rates in physical markets
Gold Price today in Delhi
Standard gold (22 carat) prices in Delhi stand at Rs 57,928/8 grams while pure gold (24 carat) prices stand at Rs 61,736/8 grams.
Gold Price today in Mumbai
Standard gold (22 carat) prices in Mumbai stand at Rs 56,680/8 grams while pure gold (24 carat) prices stand at Rs 60,376/8 grams.
Gold Price today in Chennai
Standard gold (22 carat) prices in Chennai stand at Rs 56,704/8 grams while pure gold (24 carat) prices stand at Rs 60,464/8 grams.
Gold Price today in Hyderabad
Standard gold (22 carat) prices in Hyderabad stand at Rs 56,800/8 grams while pure gold (24 carat) prices stand at Rs 60,592/8 grams.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)