MCX gold slips under Rs 97K, dollar strength dents appeal

COMEX gold futures slipped toward the $3300 mark in Monday's mid-session, as safe-haven demand cooled on fresh signs of global trade progress. The US announced an extended tariff reprieve for select nations and signaled it is nearing multiple trade deals, easing investor anxiety. Adding to the pressure, the US dollar index rebounded above 97 after President Trump confirmed new reciprocal tariffs will take effect August 1. A stronger-than-expected US jobs report, with June payrolls rising to 147,000, further tempered fears of an economic slowdown and reduced the urgency for deeper Fed rate cuts. In India, MCX gold futures for August delivery dipped 0.33% to Rs 96,666 per 10 grams, mirroring global weakness in bullion.

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