COMEX gold rises above $3,480 per ounce, up 0.17% intraday.

COMEX gold rises above $3,480 per ounce, up 0.17% intraday.

The COMEX gold price experienced a notable increase on July 2, 2025, rising above $3,480 per ounce, marking a 0.17% intraday gain. This upward movement comes amidst heightened expectations of a US Federal Reserve rate cut, following Federal Reserve Chair Jerome Powell's remarks at the Jackson Hole Symposium [1].

Powell's speech at the Jackson Hole Symposium triggered optimism for a potential rate cut in the upcoming September 2025 Federal Open Market Committee (FOMC) meeting. The speech emphasized the Fed's data-dependent approach and readiness to adjust rates if economic conditions warrant it, leading to a sharp decline in the US dollar index and a subsequent rise in gold prices [2].

Analysts have pointed out that the key resistance levels for gold prices are ₹1,01,400 for the MCX gold rate and $3,410 per troy ounce. A sustained move above these levels could signal a renewed bullish trend in gold prices [2]. The gold price today, supported by these levels, is finding strong technical support at ₹97,000–₹98,200 per 10 gm in India and $3,280–$3,310 per ounce internationally [2].

Market participants remain vigilant, closely monitoring USD movements and future economic data for further clarity on the Fed's monetary policy. The COMEX gold price's rise above $3,480 per ounce reflects the market's anticipation of a potential rate cut and the subsequent impact on gold prices.

Investors are advised to stay informed about the latest developments in the US Federal Reserve's monetary policy and the broader economic landscape to make well-informed investment decisions.

References:
[1] https://www.livemint.com/market/commodities/gold-rate-today-on-an-uptrend-is-it-the-right-time-to-buy-gold-amid-us-fed-rate-cut-buzz-after-jackson-hole-symposium-11755921213477.html
[2] https://www.businesstoday.in/personal-finance/investment/story/gold-outlook-mcx-gold-reclaims-rs-1-lakh-mark-amid-fed-rate-speculation-490784-2025-08-23