India Bullion
Gold flat on MCX, COMEX ahead of US non-farm payroll data
This story was originally published at 19:12 IST on 2 July 2025
Register to read our real-time news.Informist, Wednesday, Jul. 2, 2025
By Afra Abubacker
NEW DELHI – Futures contracts of gold on the Multi Commodity Exchange of India and COMEX were largely flat as investors awaited non-farm payroll data for June, due on Thursday. "Traders look forward to the US jobs report, as any signs of weakness in the labor market could strengthen the case for interest-rate cuts," Kotak Securities said in a note. Lower interest rates increase the appeal of the non-yielding precious metal.
At 1810 IST, the most-active August GOLD contract on the COMEX was flat at $3,357.1 per ounce. The most-active August gold contract on the MCX was largely unchanged at INR 97,400 per 10 grams.
Renewed trade tensions and growing fiscal concerns on account of US President Donald Trump's tax bill continue to offer underlying support for gold prices, Kotak Securities said. On Tuesday, Trump said he is not considering an extension and will not delay the Jul. 9 deadline for assigning tariff rates on trading partners. So far, just one trade deal--with the UK--has been agreed since Trump unveiled sweeping reciprocal tariffs for most countries around the world.
Trump's multitrillion-dollar tax bill and spending package, which could expand the US deficit by $3.3 trillion, continued to offer underlying support for gold prices. Market sentiment was also lifted by rising bets of multiple interest rate cuts by the US Federal Reserve this year and a potential rise in US debt. Federal Reserve Chair Jerome Powell acknowledged on Tuesday that the US central bank would have cut interest rates if Trump had not imposed reciprocal tariffs on several countries.
SILVER contracts were also flat on the MCX and COMEX, tracking gold prices. At 1838 IST, the most-active September silver contract on the MCX was flat at INR 106,870 per kilogram. The same-month contract on COMEX was flat at $36.455 per ounce.
Outlook for the rest of the session:
--MCX gold seen at INR 95,746–INR 99,054 per 10 grams
--COMEX gold seen at $3,277–$3,406 an ounce
--MCX silver seen at INR 104,951-INR 109,535 per kg
--COMEX silver seen at $35.05-$36.95 an ounce
End
US$1 = INR 85.70
IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT
Edited by Saji George Titus
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