Overview
- Gold climbed back above $4,100 per ounce after Thursday's U.S. June nonfarm payrolls showed just 57,000 jobs added, a print that cut the market's odds of a July interest-rate increase.
- International spot prices traded around $4,174–$4,185 per ounce in early July, a swing of roughly $11 intraday from recent sessions and a partial recovery from a slide toward $4,000.
- Local markets reacted in opposite directions with Pakistani wholesale rates falling by about Rs1,100 per tola to roughly Rs439,836 while Indian MCX futures and city retail quotes jumped by more than ₹1,300–₹1,500 per 10 grams.
- Major banks and research desks continue to project higher targets for late 2026 (examples include Goldman Sachs' $4,900 and JPMorgan's $6,000), a stance that rests on persistent central‑bank buying and reserve diversification.
- Traders will watch upcoming Fed communications, U.S. inflation and Treasury yields, plus oil and geopolitical developments, because changes to rate expectations, the dollar or real yields are likely to drive the next large moves in gold and local prices.