Gold price today: Profit booking at higher levels dragged gold rates lower in the domestic futures market Wednesday (July 2) morning, with MCX Gold August 5 contracts dropping to levels near ₹97,160 per 10 grams. Around 9:10 AM, the August contract of MCX Gold traded 0.07 per cent lower at ₹97,185 per 10 grams.
In the previous session, gold’s August futures contract rose more than 1 per cent, closing at ₹97,251 per 10 grams after the dollar index hit an over three-year low of 96.38.
Federal Reserve Chair Jerome Powell’s cautious tone weighed on gold prices. On Tuesday, Powell said the impact of tariffs on inflation could become evident in the coming months, hinting that interest rates may remain elevated for some time.
Most experts, however, still believe that the Fed may start reducing rates in September and that there could be two rate cuts this year.
Meanwhile, Bureau of Labor Statistics data showed that US job openings rose in May to the highest level since November. By the end of May, openings were up 3,74,000 to 7.77 million.
The US ADP employment data, due later today, and nonfarm payroll prints on Thursday will offer further clarity on labour market trends and shape up expectations about the US Fed’s interest rate trajectory.
(This is a developing story. Please check back for fresh updates.)
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