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Gold traded lower on MCX on July 2 amid slightly positive global trends. August gold futures fell 0.21% to Rs. 1,44,124. September silver futures rose 0.54% to Rs. 2,231,630. Meanwhile, Brent crude futures fell 1.02% to $70.84 a barrel. US West Texas Intermediate (WTI) declined 1.09% to $67.83 a barrel.
According to the CME FedWatch Tool, traders now expect a 64% chance of a September hike by the US Federal Reserve.
24K gold rose by Rs. 377 to Rs. 1,44,550 per 10 grams, while 22K gold also advanced by Rs. 345 to Rs. 1,32,500. By city, Mumbai and Kolkata mirrored prices at Rs. 1,44,550, while Delhi was at Rs. 1,44,700, and Chennai at Rs. 1,46,180.
US Gold prices rose on Thursday, supported by softer than expected jobs data and lower oil prices.
Spot gold rose 0.7% to $4,057.92 per ounce. US gold futures for August delivery inched 0.3% lower to $4,070.10.
Spot silver rose 1.6% to $60.06 per ounce, platinum gained 2% to $1,607.67, and palladium added 1.4% to $1,227.13.
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"The market's cautious about being short down here because you're seeing a couple of probes to the downside, which are quite rapidly being rejected," said Nicholas Frappell, global head of institutional markets at ABC Refinery.
"ADP data came in a little bit lower than the forecast, so that probably explains gold's rally as some people think that the data will be reflected in non-farm payrolls," said Frappell.
Internationally, gold has support at $4,040 and $3,994, while resistance is at $4,122 and $4,164 per troy ounce, and silver has support at $58.80 and $57.40, while resistance is at $61.60 and $63.20 per troy ounce.
On MCX, gold has support at Rs. 1,43,100 and Rs. 1,42,000 and resistance at Rs. 1,45,500 and Rs. 1,46,650, while silver has support at Rs. 2,26,600 and Rs. 2,22,500 and resistance at Rs. 2,34,400 and Rs. 2,38,000.
