Gold Rate Today: Yellow metal rises to Rs 97,470/10 gm ahead of US payroll data for Fed policy clues

Gold prices inched higher on Thursday as investors awaited the release of US non-farm payroll data, which could provide fresh signals on the Federal Reserve’s interest rate path.

At 10:35 am, August gold futures on the Multi Commodity Exchange (MCX) were trading at Rs 97,470 per 10 grams, up Rs 80 from the previous close. However, August silver futures slipped Rs 169, or 0.16%, to Rs 1,07,349 per kg.

In the international market, spot gold fell 0.3% to $3,348.10 per ounce as of 0412 GMT, while US gold futures were steady at $3,359.10.

The latest data from ADP showed that US private payrolls dropped by 33,000 jobs in June — the first decline in more than two years — amid ongoing economic uncertainty. Despite the dip in hiring, layoffs remained subdued, suggesting resilience in the broader labour market.

The US Labor Department’s non-farm payrolls report, due later on Thursday, is expected to show an addition of 110,000 jobs in June, down from 139,000 in May, according to a Reuters poll.

“Gold prices have climbed for three consecutive days, driven by continued weakness in the US Dollar. Disappointing private payroll data has strengthened expectations of an earlier-than-anticipated interest rate cut by the Federal Reserve. Markets are now closely watching the upcoming non-farm payrolls report, which could prove pivotal not only for equities but also for the near-term direction of bullion,” said Aksha Kamboj, Vice President, India Bullion and Jewellers Association and Executive Chairperson, Aspect Global Ventures.In other global developments, US President Donald Trump on Wednesday announced a lower-than-promised 20% tariff on various imports from Vietnam, the US’s tenth-largest trading partner. Meanwhile, trade negotiators from the US and India are racing to finalise a tariff-reducing deal before the July 9 deadline, with Trump showing optimism despite stalled discussions with Japan.Non-yielding assets like gold tend to benefit in times of economic uncertainty and a low interest rate environment.

Among other precious metals, spot silver fell 0.5% to $36.40 per ounce, platinum dropped 1.3% to $1,400.65, and palladium declined 1.1% to $1,142.

“Gold has support at $3320-3295 while resistance at $3360-3375. Silver has support at $36.00-35.75 while resistance is at $36.70-36.95. In INR gold has support at Rs 96,990-96,680 while resistance at Rs 97,810-98,280. Silver has support at Rs1,05,480-1,04,550 while resistance at Rs 1,06,950-1,07,700,” said Rahul Kalantri, VP Commodities, Mehta Equities.

(With inputs from agencies)

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