Gold and silver rebound on weaker US data and a softer dollar

Gold, Silver Prices Jump Up To 2% As Weak US Jobs Data Boost Rate-Cut Bets

Precious metals surged on Friday morning as positive global cues and rising expectations that the US Federal Reserve may avoid aggressive rate hikes boosted investor sentiment. Gold and silver prices on the Multi Commodity Exchange (MCX) climbed as much as 2% in early trade.MCX gold August futures rose 1.44% to ₹1,47,860 per 10 grams, while silver September contracts gained 1.80% to ₹2,37,494 per kilogram around 9:45 am.In global markets, gold prices in the US also advanced by over 1%, heading toward their first weekly gain in five weeks. The rally was supported by weaker-than-expected US labour market data, which reduced expectations of further monetary tightening by the Federal Reserve. Data from ADP showed that private employment in the US rose by 98,000 jobs in June, below forecasts of 118,000. Nonfarm payrolls also increased by just 57,000, significantly lower than the expected 110,000. In addition, payroll numbers for April and May were revised downward by a combined 74,000 jobs.These weaker readings eased concerns that the Fed would continue hiking interest rates this year. Gold Rebounds ₹3,000 To ₹1.47 Lakh Per 10 Grams As Weak US Dollar Lifts Bullion Demand A softer US dollar index, which declined about 0.5% for the week, also supported bullion by making dollar-denominated gold cheaper for global buyers.On the geopolitical front, indirect US-Iran talks concluded in Doha, though key disagreements reportedly remain unresolved, keeping some safe-haven demand intact.Market experts noted that gold has stabilised after poor quarterly performance. Technically, analysts highlighted key support and resistance levels. MCX gold has support at ₹1,44,400 and ₹1,43,350, with resistance at ₹1,47,100 and ₹1,48,800. Silver shows support at ₹2,33,000 and ₹2,26,600, while resistance lies at ₹2,37,700 and ₹2,41,000.Experts also noted that gold has formed a strong base near ₹1,40,500, indicating renewed buying interest. As long as this level holds, analysts suggest a buy-on-dips strategy, with potential upside targets of ₹1,48,000 and ₹1,51,000 on sustained momentum.

2 hours ago

Gold Rebounds ₹3,000 To ₹1.47 Lakh Per 10 Grams As Weak US Dollar Lifts Bullion Demand

New Delhi, July 2, 2026: Gold prices rebounded by Rs 3,000 to Rs 1.47 lakh per 10 grams in the national capital on Thursday as firm trends in the international markets and a weak US dollar revived demand for the precious metal.Halting a two-day slide, the yellow metal of 99.9 per cent purity climbed Rs 3,000 to Rs 1,47,500 per 10 grams (inclusive of all taxes) from Wednesday's closing level of Rs 1,44,500 per 10 grams, according to local traders.Silver continued its upward trajectory for the third consecutive session, rising Rs 5,000 to Rs 2,40,000 per kilogram (inclusive of all taxes). The white metal settled at Rs 2,35,000 per kg in the preceding session.Dollar Weakness Supports GoldTraders said gold recovered after two sessions of losses following a rally in the overseas markets, while silver continued to gain on sustained industrial and investment demand."Gold prices edged higher on Thursday after US Federal Reserve Chair Kevin Warsh struck a less hawkish tone than markets had anticipated, easing concerns over an imminent interest rate hike," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.Globally, spot gold gained USD 38.75, or 1 per cent, to USD 4,070.04 per ounce, and silver rose 1.3 per cent to USD 59.89 per ounce."Spot gold traded nearly 1 per cent higher to trade at USD 4,072 per ounce as the US dollar index has eased slightly," Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said.Singh attributed the softer dollar to the strength of the Japanese yen following reports of the Bank of Japan's intervention."A weak dollar makes gold cheaper for buyers holding other currencies, boosting global demand and supporting prices," he added.Markets Await Payroll DataAdding to market sentiment, President Donald Trump hailed progress in US-Iran talks in Doha, Qatar."Investors are awaiting the US non-farm payrolls report, which is expected to provide fresh guidance on the strength of the labour market and the Fed's next policy move," Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd, said.Also Watch: Gold Futures Jump ₹1,853 to ₹1.62 Lakh Per 10g, Weak US Dollar & Global Uncertainty Boost Safe-Haven DemandAnalysts said the numbers are likely to cause volatility in both precious metals and the US dollar.On the outlook, the World Gold Council said the second half of the year could prove pivotal for bullion, with interest rate expectations and geopolitical developments likely to remain the dominant drivers of prices.(Disclaimer: Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)

19 hours ago

Gold rebounds ₹3,000 to ₹1.47 lakh/10g as weak US dollar revives bullion demand

Traders said gold recovered after two sessions of losses following a rally in the overseas markets, while silver continued to gain on sustained industrial and investment demand

20 hours ago