Gold Rebounds ₹3,000 To ₹1.47 Lakh Per 10 Grams As Weak US Dollar Lifts Bullion Demand

New Delhi, July 2, 2026: Gold prices rebounded by Rs 3,000 to Rs 1.47 lakh per 10 grams in the national capital on Thursday as firm trends in the international markets and a weak US dollar revived demand for the precious metal.

Halting a two-day slide, the yellow metal of 99.9 per cent purity climbed Rs 3,000 to Rs 1,47,500 per 10 grams (inclusive of all taxes) from Wednesday's closing level of Rs 1,44,500 per 10 grams, according to local traders.

Silver continued its upward trajectory for the third consecutive session, rising Rs 5,000 to Rs 2,40,000 per kilogram (inclusive of all taxes). The white metal settled at Rs 2,35,000 per kg in the preceding session.

Dollar Weakness Supports Gold

Traders said gold recovered after two sessions of losses following a rally in the overseas markets, while silver continued to gain on sustained industrial and investment demand.

"Gold prices edged higher on Thursday after US Federal Reserve Chair Kevin Warsh struck a less hawkish tone than markets had anticipated, easing concerns over an imminent interest rate hike," Saumil Gandhi, Senior Analyst - Commodities at HDFC Securities, said.

Globally, spot gold gained USD 38.75, or 1 per cent, to USD 4,070.04 per ounce, and silver rose 1.3 per cent to USD 59.89 per ounce.

"Spot gold traded nearly 1 per cent higher to trade at USD 4,072 per ounce as the US dollar index has eased slightly," Praveen Singh, Head of Commodities at Mirae Asset ShareKhan, said.

Singh attributed the softer dollar to the strength of the Japanese yen following reports of the Bank of Japan's intervention.

"A weak dollar makes gold cheaper for buyers holding other currencies, boosting global demand and supporting prices," he added.

Markets Await Payroll Data

Adding to market sentiment, President Donald Trump hailed progress in US-Iran talks in Doha, Qatar.

"Investors are awaiting the US non-farm payrolls report, which is expected to provide fresh guidance on the strength of the labour market and the Fed's next policy move," Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd, said.

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Analysts said the numbers are likely to cause volatility in both precious metals and the US dollar.

On the outlook, the World Gold Council said the second half of the year could prove pivotal for bullion, with interest rate expectations and geopolitical developments likely to remain the dominant drivers of prices.

(Disclaimer: Except for the headline, this article has not been edited by FPJ's editorial team and is auto-generated from an agency feed.)