Gold prices extended their rally on Friday, jumping more than 1% after weaker-than-expected US jobs data prompted traders to scale back bets on further Federal Reserve rate hikes, according to The Times of India. The precious metal was on course for its first weekly gain in five weeks, supported by a softer US dollar that made dollar-priced bullion cheaper for overseas buyers.
Price Action
Spot gold rose 1.4% to $4,179.94 per ounce at 0235 GMT on Friday, hitting its highest level since June 23, The Times of India reported. US gold futures for August delivery gained 0.8% to $4,157.50. Spot silver climbed 0.5% to $61.28 an ounce, while platinum advanced 1.1% and palladium edged up 0.2%. All three precious metals were on track for weekly gains, the report added.
| Commodity | Price (as of 0235 GMT, Jul 3) | Change |
|---|---|---|
| Spot Gold | $4,179.94/oz | +1.4% |
| Spot Silver | $61.28/oz | +0.5% |
| Platinum | n/a | +1.1% |
| Palladium | n/a | +0.2% |
| US Gold Futures (Aug) | $4,157.50 | +0.8% |
In India, gold closed at Rs 13,645 per gram for 22-carat and Rs 14,880 per gram for 24-carat on Thursday, while silver was priced at Rs 2,43,000 per kg, according to PTI as cited by The Times of India. In Vietnam, state-owned Saigon Jewelry Co. (SJC) quoted gold at 148.4–151.4 million dong per tael, with the State Bank of Vietnam setting the USD/VND mid-point at 25,203 on July 3.
US Jobs Data and Fed Expectations
The rally was driven by weaker-than-expected US employment data, which reduced expectations of further Federal Reserve rate hikes, The Times of India reported. The report did not specify the exact jobs data figure but noted that the data prompted traders to scale back bets on monetary policy tightening. A softer US dollar added to gold's appeal by making dollar-priced precious metals cheaper for overseas buyers.
Central Bank Buying
The World Gold Council reported that official gold reserves increased by a net 41 tonnes in May, as central banks returned to buying, The Times of India noted. This resumption of net purchases provided additional support for gold prices.
Market Outlook
Gold was heading for its first weekly gain in five weeks, with spot prices reaching their highest level since June 23. Silver, platinum and palladium were also set for weekly gains. The combination of weak US jobs data, a declining dollar, and renewed central bank buying has created a supportive environment for precious metals. The Times of India continues to track live updates on international bullion prices and key market drivers.
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