Gold Performance

On August 1, gold prices made a sharp U-turn following a weak US nonfarm payroll report, ending the week 0.7% higher. The rally continued into Monday, reaching $3,385, though gains were tempered by healthy risk appetite in other assets. Spot gold was trading at $3,372, up 0.30% for the day.

Data Roundup

US factory orders and durable goods orders for June were mostly in line with forecasts, but the nonfarm payroll report showed only 73K jobs added, far below expectations. A significant downward revision of previous months' data raised concerns about the labor market's health.

Tariff Developments

President Trump's announcement of increased tariffs on India over Russian oil purchases caused the Indian Rupee to tumble. Meanwhile, the Swiss government proposed measures to counter US tariffs, and the EU delayed its tariff plans to engage in trade talks.

US Dollar Index and Yields

The US Dollar Index was down 0.40%, with 10-year yields steady at 4.22%. Two-year yields, however, saw a slight increase after a significant drop on Friday.

Gold Price Outlook

Gold remains within an 11-week range of $3250-$3450. Today's US ISM services Index data could influence its direction. Investors are advised to monitor tariff news and consider buying on dips. Support and resistance levels are noted at $3350/$3320/$3292 and $3400/$3450, respectively.