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Gold and Silver Prices Today, 2 May 2025: Gold prices edged higher on Monday, May 5, amid weakness in the dollar and as investors awaited cues on the trade pact between the US and its trading allies. Meanwhile, investors also look forward to the Federal Reserve's policy outcome due later in the week.

On the Multi Commodity Exchange (MCX), gold June futures at around 9:55 am traded with gains of 0.49 per cent or Rs 453 at Rs 93,090 per 10 gm. From its all-time high of Rs 99,358, gold has now slipped over 6 per cent. 

Meanwhile, silver May futures traded with a cut of 0.17 per cent or Rs 159 at Rs 93,130 per kilogram.

In international markets, spot gold was up 0.44 per cent at $3,255.1 an ounce. US gold futures traded higher by 0.6 per cent at $3,262.74 per ounce.

In addition to asking the US Fed to cut interest rates and calling Jerome Powell "a total stiff," US President Donald Trump said that he will not dismiss Powell from his position as chairman of the Fed Board before his term ends in May 2026.

Meanwhile, spot silver rose 0.42 per cent to $32.14 an ounce.

Last week, gold and silver plunged amid hopes of US-China trade negotiation and rebound in the dollar index. 

According to Manoj Jain, Commodity Expert- India Nivesh,  gold and silver prices may remain volatile this week amid volatility in the dollar index and ahead of the US Fed monetary policy meetings. Gold prices could test its support level of $3,180 per troy ounce and silver prices could also test $31.40 per troy ounce levels.

 silver has support at $31.84-31.40, while resistance is at $32.50-32.88 per troy ounce in today’s session.

At MCX, gold is having support at 92150-91600 and resistance at 93040-93550 while silver is having support at 93350-92500 and resistance at 94800-95500. We suggest selling gold on rise around 93000-93300 with a stop loss of 93720 for the target of 92200-91850. 

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