Gold price today: Positive global cues and easing expectations of aggressive rate hikes by the US Federal Reserve boosted precious metals, with gold and silver prices on the MCX jumping up to 2% on Friday, 3 July, morning.
MCX gold August futures were 1.40% up at ₹1,47,800 per 10 grams, while MCX silver September contracts were 1.80% up at ₹2,37,456 per kg around 9:05 am.
Gold prices in the US also climbed by more than 1%, looking set for its first weekly gain in five weeks, as softer-than-expected U.S. jobs data raised expectations that the Fed may delay rate hikes.
Meanwhile, the dollar index was also down about half a per cent for the week, making greenback-denominated gold cheaper for buyers in other currencies.
ADP’s national employment report showed that private employment in the US rose by 98,000 jobs in June, below expectations of a 1,18,000 rise.
Nonfarm payrolls increased by just 57,000 in June, below the expectations of a 1,10,000 rise. Moreover, April and May payrolls were also revised down by 74,000.
Weaker-than-expected private payrolls and nonfarm payrolls data eased concerns over potential interest rate hikes this year.
On the geopolitical front, the US and Iran concluded their indirect negotiations in Doha. However, the key bones of contention, according to reports, remain unresolved.
(This is a developing story. Please check back for fresh updates.)
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