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Indian Gold and Silver Hold Near ₹97,000 as Markets Brace for US Jobs Data and Tariff Deadline

Institutional buying by central banks alongside renewed ETF inflows signals broad-based demand despite bullion’s narrow trading range

Overview

  • On July 4, gold in India traded around ₹97,080 per 10 grams and silver near ₹1,08,380 per kilogram, showing minimal daily movement.
  • Last week’s surprise ADP jobs contraction and a weaker dollar index bolstered bullion, while markets price in a Fed rate cut as early as September.
  • President Trump’s July 9 deadline for reinstating reciprocal tariffs is seen as a potential catalyst for renewed price swings in gold and silver.
  • Central banks led by China and Turkey purchased over 50 tonnes of gold in June, and European gold ETFs recorded fresh inflows despite eased geopolitical risk premiums.
  • Analysts forecast bullion to remain rangebound near current levels until upcoming US nonfarm payrolls and policy developments deliver fresh direction.