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Below the Quote on Gold 02nd June 2025 by Jateen Trivedi, VP Research Analyst - Commodity and Currency, LKP Securities

"Gold Gains on Escalating Russia-Ukraine Tensions; Eyes on U.S. Data and Fed Speaks

Gold reacted sharply to renewed geopolitical tensions, as Ukraine launched retaliatory strikes following intensified Russian offensives. This escalation triggered safe-haven buying, lifting Comex gold by $50 to $3,350 and MCX gold by Rs 1,300 to Rs 97,250.

This week’s focus shifts to key macroeconomic indicators including U.S. Manufacturing PMI, Non-Farm Payrolls, Unemployment Rate, and speeches from Fed Chair Jerome Powell. With safe-haven momentum returning and a heavy data calendar ahead, gold may look to test the $3,400 level.

Support is seen at $3,250 on Comex and Rs 94,000 on MCX, while resistance is expected between Rs 98,500–Rs 99,000."

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