Gold prices jumped by ₹ 682 to ₹1.43 lakh per 10 grams in futures trade on Tuesday, supported by firm global trends as investors awaited key US economic data for further cues on the Federal Reserve's interest rate trajectory.
On the Multi Commodity Exchange, yellow metal contracts for October delivery traded higher by ₹682, or 0.48%, at ₹1,43,597 per 10 grams in a business turnover of 725 lots.
"Gold edged higher as investors continued to favour the precious metal amid renewed geopolitical tensions in West Asia and ahead of key US labour market data that could provide clues on the Federal Reserve's next interest rate decision," said Gaurav Garg, Head of Research at Lemonn Markets Desk.
1 August 2026
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In the global markets, Comex gold futures went up marginally to trade at $4,061.58 per ounce in New York.
"Gold prices traded marginally higher as investors balanced expectations of a higher-for-longer US interest rate environment while awaiting key labour market data for further policy cues," said Manav Modi, Commodities Analyst at Motilal Oswal Financial Services Ltd.
Modi said elevated crude oil prices have kept inflation concerns alive, reinforcing expectations that the Fed may maintain a restrictive monetary policy stance. Meanwhile, the US dollar index hovered near the 100-mark, limiting sharp gains in bullion.
Analysts said investors will closely watch the US labour market data this week, with employment trends likely to influence expectations on the Federal Reserve's future policy actions and determine the near-term direction of gold prices.
