MCX Gold Price Analysis Prediction forecast 
Gold Analysis covers:
For 6 June 2025
What should be winning strategy for gold trading tomorrow?
Analysis by Kaynat Chainwala, AVP Commodity Research, Kotak Securities)
On Wednesday, COMEX August gold futures rose 0.65% to settle near $3,400 per ounce, supported by a weaker U.S. dollar following soft economic data. The May ADP employment report showed the smallest job gain in over two years, while the ISM Services PMI slipped to 49.9, its first contraction since June 2023. These indicators have reinforced expectations of a more dovish Federal Reserve stance, with swap markets now pricing in two rate cuts in October and December. Gold also found support from renewed U.S.-China trade tensions after President Trump signed an executive order doubling tariffs on U.S. steel and aluminum imports, from 25% to 50%, effective June 4, just ahead of a highly anticipated call with Chinese President Xi Jinping expected this week. Trump’s comments describing Xi as “very tough” and “hard to make a deal with” further dampened hopes for a near-term resolution, bolstering safe-haven demand. However, gold prices edged slightly lower today, dipping below $3,390 per ounce, as markets turn cautious ahead of U.S. jobless claims and Friday’s Nonfarm Payrolls (NFP) report. So far, labor data this week has presented a mixed picture as the ADP report pointed to a cooling job market amid tariff-related uncertainty and high interest rates, while the JOLTS report showed a larger-than-expected increase in job openings, indicating healthy labor demand.
WTI crude oil prices fell to $62.2 per barrel on Wednesday, weighed down by a sharp rise in U.S. refined product inventories. According to the EIA, U.S. crude stocks declined by 4.3 million barrels, but gasoline inventories surged by 5.2 million barrels and distillate stocks rose by 4.2 million barrels. Also, Saudi Aramco lowered its official selling price for Arab Light crude bound for Asia in July to $1.20 per barrel above the Oman/Dubai average, 20 cents below the June price and the lowest premium since May, signaling softer demand from Asia, the largest regional buyer of Saudi oil. Earlier in the session, WTI had climbed to a two-week high of $64 per barrel due to lingering supply concerns related to Russia and Iran. Today, oil prices retreated to $62.54 per barrel tody amid speculation that OPEC+ may announce another substantial production increase at its July meeting. Still, downside pressure may be limited by signs of improving Chinese services sector activity in May.
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