Gold Silent as US Markets Close; Attention Shifts to Payrolls

Published on Jul 04, 2023 13:43

Gold prices displayed a quiet session as US markets are shut today. The lull was also seen as investors eagerly await the release of the US Federal Reserve`s June policy meeting minutes on Thursday as it will provide valuable insights into the central bank`s position on interest rates and monetary policy, influencing the direction of gold prices.

MCX August gold futures were seen trading at Rs 58415 up Rs 138 per 10 grams. The counter should find near term resistance near Rs 58700 and 50100 levels. The metal slipped to as low as Rs 57651 per 10 grams on 29th June.

International bullion futures were last seen trading at $ 1935.90 an ounce, up $6.5 or 0.33%. The counter should find initial resistance near $1940-45 levels. The dollar index was seen trading slightly higher at 102.68. However the currency has gained from its multi week low of 101.49 on 22nd June after Chair Jerome Powell reiterated that the Fed will likely raise interest rates at least once more this year because of persistently high inflation in the economy’s service sector and the surprisingly tight job market.