Gold Price Today News: Gold prices held firm above $3,350 and silver remained steady above $36 per ounce on Comex futures, as investors assessed the implications of the U.S. Senate’s approval of President Donald Trump’s multi-trillion-dollar tax bill. The move raised fresh concerns about the long-term U.S. fiscal outlook.
Adding to the market’s focus was a striking admission by Federal Reserve Chair Jerome Powell on Tuesday during a panel discussion in Sintra, Portugal. When asked whether the central bank might have lowered interest rates again this year had President Trump not announced steep tariffs on imports, Powell said:
“I think that’s right.”
He elaborated, “In effect, we went on hold when we saw the size of the tariffs and essentially all inflation forecasts for the United States went up materially as a consequence of the tariffs.”
A weaker U.S. dollar, now trading at its lowest level since 2022, continued to support gold prices, offsetting pressure from rising U.S. Treasury yields. Markets are now awaiting Thursday’s U.S. nonfarm payroll report for June. A slowdown in job growth or an uptick in unemployment could further strengthen the case for interest-rate cuts — a bullish factor for gold.
President Trump, meanwhile, reaffirmed that he is not considering any delay to his July 9 deadline for reimposing higher tariffs, including criticism aimed at Japan. Despite this, traders seem less reactive to his unpredictable trade policy, given continued economic resilience and stable corporate earnings.
Market Outlook & Technical Levels
Motilal Oswal expects gold to consolidate within the ₹94,000–₹1,00,000 range in the near term, maintaining a neutral stance unless the range is breached. Silver could rally toward ₹1,15,000, with buying recommended near ₹1,06,000. The bullish view may be invalidated if silver closes below ₹1,04,000.
Manoj Kumar Jain, Director, Prithvi Finmart, noted,
“Gold and silver gained after the dollar index hit a fresh 3.5-year low. U.S. 10-year bond yields also slipped to two-month lows, supporting metal prices.”
However, he cautioned that upbeat U.S. job openings data might limit upside momentum.
“We expect gold and silver to remain volatile this week amid geopolitical tensions and ahead of the U.S. job data, but gold could hold support at $3,200 per ounce and silver at $35.”
- Gold (COMEX): Support at $3,327–$3,309 | Resistance at $3,366–$3,384
- Silver (COMEX): Support at $35.80–$35.55 | Resistance at $36.30–$36.60
- MCX Gold: ₹96,850–₹96,400 support | ₹97,600–₹98,000 resistance
- MCX Silver: ₹1,06,000–₹1,05,450 support | ₹1,07,400–₹1,08,000 resistance
Kedia Commodities also flagged strong technical levels:
- Gold: Support at ₹96,600 and ₹95,945 | Resistance at ₹97,780 and ₹98,305
- Silver: Support at ₹1,05,945 and ₹1,05,175 | Resistance at ₹1,07,690 and ₹1,08,66
Nirmal Bang Sec Gold Silver Predictions
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.
