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Informist, Thursday, Jul. 2, 2026

 

By Ashutosh Pati

 

MUMBAI – Futures contracts of gold edged lower on the Multi Commodity Exchange of India and COMEX Thursday ahead of the release of US non-farm payroll data. Gold prices were up for most part of the day owing to a fall in the dollar index. US Federal Reserve Chair Kevin Warsh's comments also improved market sentiment.

 

At 1644 IST, the most active August contract of GOLD on the MCX was down 0.1% at INR 144,267 per 10 grams. The same-month contract on COMEX was down 0.2% at $4,073.1 per ounce. The most active September SILVER contract on the MCX was up 0.3% at INR 231,110 per kilogram. The same-month silver contract on COMEX was down 0.9% at $59.97 per ounce.

 

Speaking at the European Central Bank Forum in Sintra, Portugal, Warsh said inflation risks had eased and expressed the hope that the Federal Reserve would place greater emphasis on real-time economic indicators rather than relying heavily on backward-looking government surveys when making monetary policy decisions. Traders' expectations of a 25 basis-point rate hike by the Fed at its September meeting fell to 48% from nearly 50% a year ago, according to the CME FedWatch tool.

 

"Warsh said price risks have come down in recent weeks while repeating his determination to bring inflation back to the Fed's 2% target. However, he refused to provide forward guidance, marking a step change in Fed communications," Daniel Hynes, senior commodity strategist at ANZ Research, said in a note. "The latest US data also point to strength in the economy, with strong manufacturing activity and robust labour growth," Hynes added.

 

Meanwhile, global central banks net purchased 41 tonnes of gold in May, continuing their buying from April, when they had net bought 17 tonnes, according to the World Gold Council. The People's Bank of China added 10 tonnes to its gold reserves in May, the 20th consecutive month of net buying. Poland continued to be the largest buyer at 18 tonnes in May, the fourth consecutive month of double-digit net buying by the country's central bank.

 

The WGC also observed some Latin American central banks picking up gold buying activity. Chile has accumulated around 8 tonnes of gold this year, followed by Guatemala at 2 tonnes and Bolivia and Uruguay at 1 tonne each.

 

Outlook for the rest of the session:

--MCX gold seen at INR 142,000–INR 147,000 per 10 grams

--COMEX gold seen at $4,040–$4,130 an ounce

--MCX silver seen at INR 226,000-INR 235,000 per kg

--COMEX silver seen at $58-$63 an ounce

 

End

 

US$1 = INR 95.39

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Edited by Rajeev Pai

 

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