Gold Price Today News: Gold and silver prices opened on a weaker note this Monday, tracking global cues and easing geopolitical tensions. On the COMEX, gold continues to trade below the crucial $3,300/oz mark, while silver slipped over 1% but is still holding above $35/oz.
Key Global Events in Focus This Week
Market sentiment remains cautious ahead of several high-impact global developments:
- Fed Chair Powell’s speech scheduled this week
- Trump’s tariff deadline
- The upcoming BRICS Summit over the weekend
Meanwhile, fresh data from Japan showed a weaker-than-expected industrial performance, with May factory output rising just 0.5% MoM, well below the 3.5% gain forecasted by economists. On a yearly basis, output fell 1.8%, missing expectations of a 1.6% rise, highlighting the strain from U.S. tariffs on Japanese exports.
Gold & Silver Retreat on Reduced War Risk and Strong Equities
The recent rally in gold and silver saw a pullback due to a de-escalation in the Israel–Iran conflict, which removed some of the war premium from precious metals. The ceasefire, along with strength in global equity markets, pushed gold prices to a 1-month low, with silver also plunging from recent highs.
Additionally, U.S. macro data weighed on sentiment. The core PCE price index rose 0.2% MoM, slightly higher than the 0.1% expected, while personal income and spending declined due to elevated inflation and trade tariffs. A delay in expected U.S. Fed rate cuts further pressured bullion. However, ongoing weakness in the U.S. dollar index and the Russia–Ukraine conflict continue to provide support at lower levels.
Price Forecasts & Technical Views
Manoj Kumar Jain – Commodity Expert View
“Gold and silver prices are likely to remain volatile this week amid fluctuations in the dollar index and geopolitical headlines,” says Manoj Kumar Jain.
- Gold Support: $3,284 – $3,260 | Resistance: $3,327 – $3,345
- Silver Support: $35.88 – $35.60 | Resistance: $36.55 – $36.88
- MCX Gold Support: ₹95,100 – ₹94,770 | Resistance: ₹95,800 – ₹96,180
- MCX Silver Support: ₹1,05,550 – ₹1,04,800 | Resistance: ₹1,07,200 – ₹1,08,000
“Gold is currently near its make-or-break level of $3,284 and ₹95,000. If these levels hold on a closing basis, we may see short-covering rallies towards $3,355 and ₹96,400,” he added.
Currency View – Manoj Kumar Jain
The USD/INR pair remains weak after hitting all bearish targets last week.
- Weekly Support: 85.3500 – 85.0800
- Weekly Resistance: 85.8500 – 86.0500
- Current levels suggest oversold conditions, with a dead-cat bounce likely. Fresh selling is not advised.
JM Financial Outlook
- Gold: Breached ₹96,200 support, looks corrective.
- Resistance: ₹97,650 / ₹99,850
- Downside potential: ₹92,800 / ₹90,000
- Silver: In consolidation.
- Resistance: ₹1,07,500 / ₹1,08,000
- Support: ₹1,03,600
- If breached, could test ₹1,01,500 / ₹1,00,200
SMC Global Weekly View
Following a sharp GDP contraction in the U.S. (Q1 GDP revised to -0.5% from +2.4%), SMC notes:
- Gold (COMEX): Formed a triple top at $3,480; now facing pressure.
- Support: $3,280, with possible test of $3,200
- Silver (COMEX): May trade in the $35 – $38.50 range
- MCX Gold Range: ₹93,800 – ₹98,200
- MCX Silver Range: ₹1,00,000 – ₹1,10,000
CA Surendra Mehta Gold and Silver Forecast
CA Surendra Mehta Gold and Silver Forecast
“Last week we predicted gold could fall to $3,263, and it dropped to $3,255. The next two weeks remain crucial as geopolitical tensions ease,” said CA Surendra Mehta, National Secretary, IBJA.
- Gold Spot (June 30 – July 4): $3,206 – $3,350
- Gold INR Range: ₹93,550 – ₹97,750
- Silver Spot: $35.27 – $36.85
- Silver INR Range: ₹1,03,200 – ₹1,07,850
Major Events to Watch: June 30 – July 7, 2025 (IST)
📅 Monday, June 30, 2025
Japan
- 05:20 AM – Industrial Production MoM (Preliminary, May)
UK
- 11:30 AM – GDP Growth Rate QoQ Final (Q1)
US
- 08:00 PM – Dallas Fed Manufacturing Index (June)
- 10:30 PM – Fed Goolsbee Speech
📅 Tuesday, July 1, 2025
Euro Area
- 12:30 AM – ECB President Lagarde Speech
- 02:30 PM – Inflation Rate YoY Flash (June)
US
- 07:00 PM – Fed Chair Powell Speech
- 07:30 PM – ISM Manufacturing PMI (June)
- 07:30 PM – JOLTs Job Openings
📅 Wednesday, July 2, 2025
US
- 05:45 PM – ADP Employment Change (June)
📅 Thursday, July 3, 2025
US
- 06:00 PM – Non-Farm Payrolls (June)
- 06:00 PM – Unemployment Rate (June)
- 06:00 PM – Initial Jobless Claims
- 07:30 PM – ISM Services PMI (June)
- 07:30 PM – Factory Orders MoM (May)
- 08:30 PM – Fed Bostic Speech
🌍 Other Major Events This Week
Russia–Ukraine standoff
BRICS Summit: July 6–7, 2025
Trump Tariff Statement: Expected this week
US–China Tariff Deal: Updates anticipated
Geopolitical Tensions:
Iran–Israel conflict
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Disclaimer:
The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here.
