Gold Price Today News: Gold and silver prices are holding firm and awaiting a decisive move as markets brace for key U.S. labor data due later today, including non-farm payrolls, unemployment rate, and initial jobless claims at 6:00 PM IST. The upcoming July 9 U.S. trade tariff deadline is also adding a layer of uncertainty, keeping traders on edge.
The precious metals complex has extended gains following weak ADP private payroll data earlier this week, which showed a contraction of 33,000 jobs, sharply missing forecasts of a 99,000-job increase. The disappointing data pushed the dollar index to fresh 3.5-year lows, while U.S. 10-year bond yields fell to two-month lowsโboth factors lending support to gold and silver.
Meanwhile, central bank demand continues to provide a solid fundamental backdrop. According to the World Gold Council, central banks added a net 20 tonnes of gold to global reserves in May. The National Bank of Kazakhstan led the purchases with 7 tonnes, followed by Turkey and Poland (6 tonnes each), while the Monetary Authority of Singapore sold 5 tonnes.
In the WGC’s Central Bank Gold Reserves Survey 2025, 43% of central bankers indicated that their own institutions are likely to increase gold holdings in the coming year, while 95% expect global official gold reserves to grow, highlighting goldโs role as a hedge against crises and inflation.
๐ Expert Views
Manoj Kumar Jain, Prithvi Finmart:
โWe expect gold and silver prices to remain volatile this week due to dollar fluctuations, geopolitical risk, and U.S. data releases. Gold could hold $3,200 and silver $35.00 per ounce on a weekly close.โ
- Gold Support: $3,327 โ $3,309 | Resistance: $3,384 โ $3,400
- Silver Support: $36.15 โ $35.80 | Resistance: $36.60 โ $37.00
- MCX Gold: โน97,000 โ โน96,650 support | โน97,750 โ โน98,080 resistance
- MCX Silver: โน1,06,800 โ โน1,06,000 support | โน1,08,200 โ โน1,09,000 resistance
โWe advise booking profits on long positions before the NFP data release,โ Jain added.
Kedia Commodity View:
- Gold: Immediate support at โน97,095; break below could test โน96,805. Resistance at โน97,580, with further upside to โน97,775.
- Silver: Support at โน1,06,530, with downside risk to โน1,05,545. Resistance at โน1,08,025โโน1,08,535.
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