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Bullion regains ground, Gold set for 2% weekly rise amid dollar weakness

04-Jul-2025 | 15:08
Gold advanced above $3,350 per ounce on Friday, poised to notch a weekly gain of nearly 2%, snapping a two-week losing streak. The rally was underpinned by mounting concerns over the US fiscal deficit and ongoing tariff uncertainties, which enhanced the metal?s safe-haven allure. A sharp slide in the US dollar index to 96 ? its lowest level in three and a half years ? added further momentum. However, bullion's upside remained restrained by robust US labor market data, with June payrolls exceeding expectations at 147,000 and unemployment dipping to 4.1%, bolstering the Fed?s case for a steady rate outlook. On the domestic front, MCX August gold futures climbed above Rs 97000 per 10 grams in intraday moves amid firm global cues. It currently trades up 0.16% at Rs 96940 per 10 grams.

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