In India, 24 karat gold was priced at ₹99,040 per 10 grams in Delhi, while 22 karat gold stood at ₹90,800. The price of 18 karat gold was around ₹74,290 per 10 grams, according to GoodReturns.
The dollar index slipped to a three-year low, making gold more attractive for overseas buyers. The greenback’s fall helped limit any downside in bullion ahead of Thursday’s US nonfarm payrolls report, which could shape the Federal Reserve’s rate path.“Gold prices have strengthened from recent lows, supported by continued weakness in the US Dollar,” said Aksha Kamboj, Vice President of India Bullion and Jewellers Association. “Any softness in the upcoming jobs report may enhance the appeal of bullion, increasing the probability of an earlier Fed rate cut.”
Traders are closely tracking US employment data, including Wednesday’s ADP report and the crucial nonfarm payroll figures due Thursday. A strong labour market reading could delay rate cuts, potentially capping gold’s upside.Fed Chair Jerome Powell on Tuesday (July 1) reiterated a cautious approach, saying the central bank would “wait and learn” before acting on interest rates. He made no commitment to immediate policy easing despite political pressure from the White House.
“The biggest risk for gold is an unexpectedly strong jobs report, but that seems unlikely,” said Ilya Spivak, Head of Global Macro at Tastylive.
“The sentiment remains buoyant, driven by expectations around US employment data,” said Jateen Trivedi, VP Research Analyst – Commodity and Currency at LKP Securities.
Other macro concerns, including tariffs and a potential rise in the US budget deficit, are also weighing on investor sentiment and providing further support for gold.
–With Reuters inputs
First Published: Jul 2, 2025 11:48 AM IS
