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Gold rate today: Gold prices climbed over a per cent in the domestic futures market Tuesday morning, tracking positive global cues. The MCX Gold June 5 contract was 1.31 per cent up at ₹95,885 per 10 grams around 9:15 AM after touching the level of ₹96,000 earlier in the session.

International gold prices rose to a two-week high, as reported by Reuters, amid persisting concerns over US President Donald Trump's tariff plans. Investors also focused on Wednesday's outcome of the US Federal Reserve policy meeting and Chair Jerome Powell's comments on growth and inflation.

The US Fed is expected to keep rates unchanged on Wednesday, despite mounting concerns over a slowdown.

The US GDP contracted at a 0.3 per cent annualised rate in the first quarter of 2025. US manufacturing contracted for a second straight month in April. The ISM's manufacturing PMI dropped to a five-month low of 48.7 in April from 49.0 in March.

However, April payrolls jumped 1,77,000, while the Fed’s favoured inflation gauge, the Personal Consumption Expenditures (PCE) Price Index, was unchanged in March after advancing 0.4 per cent in February. Year-on-year, PCE prices increased 2.3 per cent after rising 2.7 per cent in February.

"The market is watchful ahead of the US Fed outcome and the official statements from the governor regarding the state of the economy and challenges," said Jigar Trivedi, Senior Research Analyst at Reliance Securities.

According to Rahul Kalantri, VP of commodities at Mehta Equities, gold has support at $3,335-3,310 while resistance is at $3,382-3,398. Silver has support at $32.65-32.40 while resistance is at $33.30-33.55.

In INR, gold has support at ₹94,350-93,980 while resistance is at ₹95,350-95,790. Silver has support at ₹93,380-92,550 while resistance is at ₹95,350-95,950, Kalantri said.

According to Trivedi of Reliance Securities, the gold/silver ratio (around 101) still favours going long in silver rather than gold.

" MCX Silver July may appreciate to ₹95,100-95,300 per kg amid a bullish international sentiment unless the dollar index appreciates. Still, the undertone would be positive," said Trivedi.

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Disclaimer: This story is for educational purposes only. The views and recommendations above are those of individual analysts or broking companies, not Mint. We advise investors to check with certified experts before making any investment decisions, as market conditions can change rapidly, and circumstances may vary.

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