In the international market, spot gold slipped 0.3% to $3,346.47 per ounce, while US gold futures dipped 0.1% to $3,357.20 an ounce, as of 0211 GMT. Analysts noted a narrow trading range, with gold consolidating between $3,320 and $3,360 per ounce.
In India, 24 karat gold traded at ₹9,933 per gram, while 22 karat gold stood at ₹9,105 per gram, and 18 karat gold at ₹7,450 per gram, according to Goodreturns.
The cautious mood stems from anticipation around the US Non-Farm Payrolls (NFP) and ISM Services PMI data, both due later today.
Market participants are watching for signs of softening in the US labor market, which could determine the pace of Fed rate cuts.
“Gold appears to be consolidating as traders adopt a wait-and-see stance,” said Kelvin Wong, Senior Market Analyst at OANDA.
Recent data from ADP showed an unexpected 33,000 job loss in US private payrolls in June—the first decline in over two years—adding to speculation of a slowing economy. The upcoming NFP report is expected to show an increase of 110,000 jobs, down from 139,000 in May, according to a Reuters poll.
Trade tensions also played a role in market sentiment. The US announced a revised 20% tariff on Vietnamese goods, lower than initially promised, as part of ongoing trade recalibrations.
Negotiations with India are reportedly progressing ahead of a July 9 deadline set by US President Donald Trump.
However, talks with Japan remain unresolved. “The Vietnam deal may be priced in, but uncertainty over other trade agreements still hangs over the market,” added Wong.
Rahul Kalantri, VP Commodities at Mehta Equities, warned that if a US trade deal is not finalised by July 9, volatility could spike across global markets, further benefiting gold as a safe-haven.
“Gold has support at $3,320–$3,295 an ounce and resistance at $3,360–$3,375 an ounce. In Indian rupee terms, support lies at ₹96,990–₹96,680 per 10 grams, with resistance at ₹97,810–₹98,280 per 10 grams,” said Kalantri.
–With Reuters inputs
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