Gold Futures Lower

Gold Futures Edge Lower During Asian Trading Session

Gold futures traded slightly lower during Tuesday’s Asian session, reflecting cautious market sentiment as investors monitored movements in the US dollar and broader commodity markets.

On the Comex division of the New York Mercantile Exchange, gold futures for June delivery were trading at USD 4,723.00 per troy ounce at the time of writing, down 0.12% on the day.

Earlier in the session, the precious metal touched an intraday low before stabilizing near current levels. Market analysts expect gold to find immediate support at USD 4,655.59, while resistance is projected around USD 4,783.25.

Meanwhile, the US Dollar Index Futures, which tracks the performance of the greenback against a basket of six major currencies, climbed 0.22% to USD 98.04, adding pressure to gold prices.

In other metals trading on Comex, silver futures for July delivery declined 0.60% to USD 86.46 per troy ounce. Copper futures for July delivery, however, edged up 0.08% to USD 6.49 per pound.

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Jewelry Stocks Plunge

Indian Jewelry Stocks Slide After Modi Urges Citizens to Delay Gold Purchases

Indian jewelry retail stocks fell sharply on Monday after Prime Minister Narendra Modi urged citizens to avoid buying gold for the next year in an effort to help protect the country’s foreign exchange reserves.

Major jewelry companies, including Titan, Senco Gold, and Kalyan Jewellers, saw their shares decline between 6% and 8% following the announcement, reflecting investor concerns over potential weakening demand in India’s gold market.

Modi delivered the statement on Sunday as part of a broader set of economic conservation measures aimed at reducing pressure on the nation’s economy. The initiatives included fuel-saving efforts, expanding remote work arrangements, and limiting travel and imports to preserve financial stability.

The appeal comes amid rising geopolitical tensions linked to the Iran conflict, which has pushed global oil prices higher and increased pressure on India’s balance of payments and the Indian rupee.

India remains one of the world’s largest gold consumers, making any policy signals or public appeals related to gold demand highly influential for the country’s jewelry sector and financial markets.

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Gold Holds Strong

Gold Holds Recovery Above $4,700 as Focus Shifts to US NFP Data

Gold maintained its recovery momentum above the $4,700 level during the European session on Friday. Despite renewed tensions in the Strait of Hormuz, investors remained optimistic about the possibility of a US-Iran peace agreement. This optimism triggered another decline in Crude Oil prices, easing inflation concerns and reducing expectations of a more hawkish stance from the US Federal Reserve. As a result, the US Dollar’s upside remained limited, providing key support for bullion prices.

The XAU/USD pair continues to show a strong bullish bias as it trades above the 200-period Simple Moving Average (SMA) and stays above the 61.8% Fibonacci retracement level of the latest upward move. In addition, momentum indicators remain supportive of further gains. The Relative Strength Index (RSI) stands at 64.24, remaining in positive territory without entering deeply overbought conditions, while the Moving Average Convergence Divergence (MACD) (12, 26, 9) posts a positive reading near 6.13. This suggests bullish momentum is still intact, although less aggressive compared to the previous rally phase.

On the downside, the 23.6% Fibonacci retracement level at $4,703.51 has turned into immediate support, followed by the 200-period SMA at $4,665.16. Deeper support levels are seen at $4,587.31 (38.2%) and $4,493.39 (50.0%) should a broader correction occur. On the upside, the next significant resistance stands near the swing anchor at $4,891.35. As long as Gold prices remain above the $4,700 area, any pullback is likely to be viewed as corrective within the ongoing uptrend.

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