MCX gold and silver jump up to 2% on July 3 as Fed rate-hike expectations ease
AI Market Summary
Precious metals strengthened as softer-than-expected US jobs data reduced expectations for additional near-term Fed tightening. MCX gold and silver rallied up to ~2% in early trade, while spot gold in New York rose over 1% and is positioned for its first weekly gain in five weeks. The move reflects lower real-rate pressure and improved demand for duration-sensitive hedges amid shifting rate-path expectations.
Impact level
● Medium
Affected assets
NCCOGOLD2USD/USDT+2.57%
AI Insight · NCCOGOLD2USD/USDTAI Insight
▲ Bullish
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Gold and silver prices on MCX rose in early trading on July 3 as weak U.S. jobs data eased expectations of U.S. Federal Reserve rate hikes. MCX gold August futures gained 1.40% to ₹1,47,800 per 10 grams, while MCX silver September contracts climbed 1.80% to ₹2,37,456 per kg. In the U.S., gold prices also rose more than 1% and were set for a first weekly gain in five weeks.
