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Gold and Silver Prices Today, 7 May 2025: Gold prices edged lower on Tuesday amid growing optimism over potential US-China trade talks and investor anticipation around the US Federal Reserve’s policy decision. On the Multi Commodity Exchange (MCX), June gold futures dropped by 0.49 per cent or Rs 480, settling at Rs 97,125 per 10 grams. In contrast, May silver futures ended marginally higher by Rs 2, closing at Rs 96,824 per kilogram.

The decline in gold came as traders moved away from safe-haven assets in response to reports of renewed trade negotiations between the US and China. Spot gold was down 1.3 per cent at $3,383.88 an ounce by 0432 GMT after nearly a 3 per cent surge in the previous session.

"Gold seems to be pulling back amid a broad-based 'risk on' move across markets," said Ilya Spivak, Head of Global Macro at Tastylive, adding that the trend reflects optimism that the US and China may be entering genuine trade negotiations.

US Treasury Secretary Scott Bessent and chief trade negotiator Jamieson Greer are expected to meet Chinese Vice Premier He Lifeng in Switzerland this weekend. The meeting comes after both countries imposed retaliatory tariffs last month, igniting fears of a prolonged trade war.

Adding to the cautious sentiment, investors are closely watching the Federal Open Market Committee (FOMC) meeting scheduled later today. While the US central bank is widely expected to keep interest rates unchanged, the market is keen on signals regarding future monetary policy, especially with expectations of rate cuts totaling 80 basis points this year.

Rahul Kalantri, VP Commodities at Mehta Equities Ltd., noted that domestic gold and silver prices had outperformed thanks to strong buying and short-covering despite global pressures. “MCX gold has support at Rs 96,650–95,980 and resistance at Rs 97,950–98,390,” he said. “Silver has support at Rs 95,580–94,750 and resistance at Rs 97,350–97,950.”

Meanwhile, geopolitical tensions escalated after India confirmed strikes in Pakistan following a recent attack on tourists in Kashmir. Pakistan reported eight fatalities and stated it was responding to Indian action.

In other precious metals, spot silver dipped 0.7 per cent to $33.01 an ounce, platinum was down 0.1per cent at $983.60, and palladium fell 0.7per cent to $967.64.

City

24K

22K

Mumbai

Rs 9,574 

Rs 8,776 

Delhi

Rs  9,589 

Rs 8,791

Chennai

Rs  9,574

Rs 8,776 

Kolkata

Rs  9,574 

Rs 8,981 

Bengaluru

Rs  9,574 

Rs 8,776 

In Mumbai, the price of 24-karat gold stood at Rs 9,900 per gram, while 22-karat gold was priced at Rs 9,075 per gram.

The national capital recorded 24K gold at Rs 9,915 per gram, with 22K gold available at Rs 9,090 per gram.

Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,900 per gram and 22K gold at Rs 7,455 per gram.

In Kolkata, 24-karat gold was priced at Rs 9,900 per gram, and 22-karat gold was selling at Rs 9,075 per gram.

Bengaluru saw 24K gold trading at Rs 9,900 per gram, while 22K gold was available at Rs 9,075 per gram.

Pune saw 24K gold trading at Rs 9,900 per gram, while 22K gold was available at Rs 9,075 per gram

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