Gold traded lower on the Multi Commodity Exchange (MCX) on July 2 amid slightly positive global trends. August gold futures slipped 0.21% to Rs 1,44,124 per 10 grams, while September silver futures edged up 0.54% to Rs 2,231,630. Meanwhile, Brent crude futures fell 1.02% to $70.84 a barrel, and US West Texas Intermediate (WTI) declined 1.09% to $67.83 a barrel.
According to the CME FedWatch Tool, traders now see a 64% probability of a rate hike by the US Federal Reserve in September, keeping pressure on precious metals.
Domestic Gold Prices
In the domestic market, 24K gold rose by Rs 377 to Rs 1,44,550 per 10 grams, while 22K gold advanced by Rs 345 to Rs 1,32,500. City-wise prices: Mumbai and Kolkata both quoted Rs 1,44,550, Delhi at Rs 1,44,700, and Chennai at Rs 1,46,180.
US Gold Prices
US gold prices rose on Thursday, supported by softer-than-expected jobs data and lower oil prices. Spot gold climbed 0.7% to $4,057.92 per ounce. US gold futures for August delivery inched 0.3% lower to $4,070.10. Spot silver rose 1.6% to $60.06 per ounce, platinum gained 2% to $1,607.67, and palladium added 1.4% to $1,227.13.
Key Levels to Watch
“The market’s cautious about being short down here because you’re seeing a couple of probes to the downside, which are quite rapidly being rejected,” said Nicholas Frappell, global head of institutional markets at ABC Refinery. “ADP data came in a little bit lower than the forecast, so that probably explains gold’s rally as some people think that the data will be reflected in non-farm payrolls.”
Internationally, gold has support at $4,040 and $3,994, while resistance is at $4,122 and $4,164 per troy ounce. Silver has support at $58.80 and $57.40, with resistance at $61.60 and $63.20 per troy ounce.
On MCX, gold has support at Rs 1,43,100 and Rs 1,42,000, and resistance at Rs 1,45,500 and Rs 1,46,650. Silver has support at Rs 2,26,600 and Rs 2,22,500, with resistance at Rs 2,34,400 and Rs 2,38,000.
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