GOLD PRICE TODAY: PRECIOUS METAL HOLDS NEAR $4,100 AHEAD OF KEY US JOBS DATA; WEAKER DOLLAR LENDS SUPPORT

Gold Price Today, August 5: Gold prices traded in a narrow range on Wednesday (August 5), holding close to the key USD 4,100-an-ounce mark as investors awaited a series of crucial US economic data releases later this week that could offer fresh clues on the Federal Reserve's interest rate path.

As of 5:50 am IST, spot gold was up 0.1 per cent at USD 4,078.24 per ounce, moving within a narrow USD 20 range during the session. Spot silver also traded largely unchanged at USD 59.54 per ounce, reflecting the cautious sentiment across precious metals.

In the domestic market, MCX gold and silver futures were yet to begin trading at the time of writing. In the previous session, gold futures settled 1.3 per cent, or Rs 1,805, higher at Rs 1,42,900 per 10 grams, while silver futures ended at Rs 2,21,410 per kilogram.

US economic data in focus

Investors are closely monitoring a string of US economic indicators scheduled for release this week, with the ADP private employment report due later on Wednesday. Markets will also track the weekly initial jobless claims, the official US non-farm payrolls report, and comments from a Federal Reserve official for further direction.

These releases are expected to provide fresh insight into the strength of the US labour market and influence expectations around the Fed's monetary policy outlook. Any signs of slowing economic activity could strengthen expectations of interest rate cuts, a scenario that generally supports non-yielding assets such as gold.

Weaker dollar supports bullion

Gold also found support from a softer US dollar. The US Dollar Index (DXY), which measures the greenback against a basket of six major currencies, was trading at 99.84.

A weaker dollar typically boosts demand for gold by making the precious metal cheaper for buyers using other currencies.

Oil prices cap gains

Despite the support from the weaker dollar, gains in gold remained limited as crude oil prices edged higher during the session. Both Brent and WTI crude futures posted modest gains after falling below the USD 80 per barrel mark in the previous session.

Lower oil prices generally ease inflation concerns, reducing the likelihood of aggressive interest rate hikes and benefiting gold. However, the rebound in crude prices on Wednesday tempered some of the bullish momentum in bullion.

Geopolitical developments remain on radar

Geopolitical developments also remained in focus. Qatar said on Tuesday that mediators were making progress in efforts to end the US-Iran conflict, a development that helped push oil prices lower in the previous session.

However, Tehran denied US President Donald Trump's claim that negotiations were already underway, leaving uncertainty over the geopolitical situation in the Middle East.

With key US employment data due over the next few days, traders are expected to remain cautious, keeping gold prices range-bound until clearer signals emerge on the Federal Reserve's policy outlook.

Also Read: Stocks to Watch Today, August 5: Bharti Airtel, LIC, MCX, Tata Motors, BSE, Adani Power and others

(Disclaimer: The above article is meant for informational purposes only and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money-related decisions.)

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2026-08-05T02:54:09Z