Gold rate immediately: Yellow metal down Rs 6,700 per 10 grams from peak – what’s the price trend on May 2, 2025?

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Gold rate immediately (AI picture)

Gold rate immediately on May 2, 2025: In the previous couple of days, Gold June futures at MCX have seen appreciable promoting stress from peak ranges, declining by Rs 6,700/10 grams as a result of optimistic developments in US-China commerce talks and strengthening greenback.
Today, Gold June futures began buying and selling 0.35% increased at Rs 92,665 per 10 grams, exhibiting a rise of Rs 326, while silver July futures elevated 0.46% to Rs 95,168 per kg, advancing by Rs 439.
The earlier day witnessed gold and silver closing decrease in each home and worldwide markets. Gold June futures settled at Rs 92,339 per 10 grams, declining 2.50%, while silver July futures ended at Rs 94,729 per kilogram, dropping 1.24%.
Precious metals costs skilled a pointy correction following U.S. President Donald Trump’s statements relating to potential commerce agreements with India, South Korea, and Japan, alongside ongoing discussions with China.
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The greenback index strengthened following these remarks, surpassing the 100 degree. The US Dollar Index, DXY, was buying and selling round 100.02, exhibiting a lower of 0.23 or 0.23% immediately.
“Gold prices slipped to 2-week lows and silver prices also tested $32 per troy ounce levels. Traders also booked profits in their long positions ahead of the U.S. monthly job reports,” mentioned Manoj Kumar Jain of Prithvifinmart Commodity Research in keeping with an ET report.
The U.S. GDP confirmed contraction in the earlier quarter, with unemployment claims rising once more, doubtlessly creating circumstances for U.S. Fed rate reductions and offering help for treasured metals costs at decrease ranges.
“We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and ahead of the U.S. job data; gold prices could hold its support level of $3,200 per troy ounce and silver prices could also hold $31.40 per troy ounce levels on a weekly closing basis,” Jain added.