Gold and Silver Prices Today, July 2, 2025: Gold prices held firm on Wednesday as investors assessed Federal Reserve Chair Jerome Powell’s cautious stance on interest rate cuts and awaited crucial US employment data. A sharp dip in the dollar index, which fell to its lowest level since February 2022, helped limit losses for the precious metal.

MCX Gold, Silver Prices Today

On the Multi Commodity Exchange (MCX):

• Gold futures (August expiry) dipped by Rs 51 or 0.05% to Rs 97,000 per 10 grams.
• Silver futures (September expiry) declined Rs 61 or 0.06%, settling at Rs 1,05,300 per kilogram.

International Market Trends

• Spot gold remained flat at $3,341.70 per ounce (as of 04:08 GMT).
• US gold futures were steady at $3,351.40.
• Spot silver slipped 0.2% to $35.99 per ounce.
• Platinum inched up 0.2% to $1,353.22, while palladium gained 1.1% to $1,112.85.

The gains in bullion were largely supported by the falling US dollar index, which closed lower at 96.290, down 0.11% on Tuesday. A weak dollar generally boosts demand for dollar-priced metals by making them more affordable for foreign investors.

Fed Policy, US Economic Data in Focus

Investors are closely watching the US ADP employment report, due later today, and the nonfarm payroll (NFP) data on Thursday for cues on the labour market and monetary policy direction.

Jerome Powell reiterated the Fed’s “wait and watch” approach, saying the central bank would monitor the impact of tariffs on inflation before deciding on rate cuts—further dampening hopes for aggressive easing.

Market sentiment was mixed following the May JOLTS report, which showed US job openings rising to 7.77 million, above both April’s figure (7.40 million) and economists’ forecast (7.32 million). However, a slowdown in hiring has raised concerns about a cooling labour market.

Expert Views and Technical Levels

According to Manoj Jain, Director at India Nivesh, “Gold and silver gained amid weakness in the dollar index and US bond yields. Fed rate cut hopes are also supporting prices, though volatility will persist ahead of job data releases.”

Support and Resistance:

Gold (International):

• Support: $3,327 – $3,309
• Resistance: $3,366 – $3,384

Silver (International):

• Support: $35.80 – $35.55
• Resistance: $36.30 – $36.60

Gold (MCX):

• Support: Rs 96,850 – Rs 96,400
• Resistance: Rs 97,600 – Rs 98,000

Silver (MCX):

• Support: Rs 1,06,000 – Rs 1,05,450
• Resistance: Rs 1,07,400 – Rs 1,08,000

Jain recommends booking profits in long gold positions ahead of the US labour data release.

Currency Impact: Rupee Gains on Dollar Weakness

The USD-INR 29 July futures closed at 85.6275, down 0.29%, aided by a soft dollar and stable global crude oil prices.

The Indian rupee is expected to remain volatile, moving in the range of 84.8000–86.4000 this week, tracking the dollar index and domestic equity market cues.

Precious metals are expected to remain volatile in the short term amid global macroeconomic uncertainty, Fed rate expectations, and geopolitical developments. Analysts believe gold could hold the key support level of $3,200, while silver may continue to hover above $35 per ounce on a weekly closing basis.

City-wise Gold Prices (per gram on July 2, 2025):

Gold Price in Mumbai:
In Mumbai, the price of 24-karat gold stood at Rs 9,889 per gram, while 22-karat gold was priced at Rs 9,065 per gram.

Gold Price in Delhi:
The national capital recorded 24K gold at Rs 9,904  per gram, with 22K gold available at Rs 9,080 per gram.

Gold Price in Chennai:
Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,889 per gram and 22K gold at Rs 9,065 per gram.

Gold Price in Kolkata:
In Kolkata, 24-karat gold was priced at Rs 9,889 per gram, and 22-karat gold was selling at Rs 9,065 per gram.

Gold Price in Bengaluru:
Bengaluru saw 24K gold trading at Rs 9,889 per gram, while 22K gold was available at Rs 9,065 per gram.

Gold Price in Pune:
Pune saw 24K gold trading at Rs 9,889 per gram, while 22K gold was available at 9,065 per gram