Gold traded lower on MCX on July 6 amid a stronger US dollar and easing concerns over US Fed rate hikes after softer-than-expected jobs data. August gold futures remained flat with a 0.02% decline to Rs. 1,47,351. September silver futures fell 0.19% to Rs. 2,36,966. Meanwhile, Brent crude futures fell 0.41% to $71.41 a barrel. US West Texas Intermediate (WTI) declined 0.28% to $68.50 a barrel.
According to the CME FedWatch Tool, traders now expect a 55% chance of a September hike by the US Federal Reserve, down from 60% previously.
24K gold fell by Rs. 11 to Rs. 1,46,620 per 10 grams, while 22K gold also declined by Rs. 10 to Rs. 1,34,400. By city, Mumbai and Kolkata mirrored prices at Rs. 1,46,620, while Delhi was at Rs. 1,46,770, and Chennai at Rs. 1,49,450.
US gold was steady near a two-week high on Monday after a softer-than-expected US jobs report last week tempered expectations of interest rate hikes from the Federal Reserve.
Spot gold was steady at $4,174.66 per ounce. US gold futures for August delivery climbed 1.5% to $4,186.70 per ounce.
Spot silver fell 0.6% to $62.03 per ounce after hitting its highest since June 23 earlier. Platinum lost 0.1% to $1,636.60 per ounce, and palladium was down 0.2% at $1,271.75 per ounce.
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"Gold has regained some poise as markets dial back rate-hike expectations. While this provides relief on the yield front, the dollar's strength continues to act as a ceiling," said Tim Waterer, chief market analyst at KCM Trade.
"We suggest buying gold on dips around Rs. 1,46,000 and Rs. 1,45,000 range with a stop loss below Rs. 1,43,850 for the targets of Rs. 1,48,000 and Rs. 1,49,100, and buying silver on dips around Rs. 2,34,400 and Rs. 2,31,000 range with a stop loss below Rs. 2,27,000 for the targets of Rs. 2,41,000 and Rs. 2,44,000," said Manoj Kumar Jain of Prithvifinmart Commodity Research.
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