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

Gold rate today on May 2, 2025: In the last few days, Gold June futures at MCX have seen considerable selling pressure from peak levels, declining by Rs 6,700/10 grams due to positive developments in US-China trade talks and strengthening dollar.
Today, Gold June futures started trading 0.35% higher at Rs 92,665 per 10 grams, showing an increase of Rs 326, whilst silver July futures increased 0.46% to Rs 95,168 per kg, advancing by Rs 439.
The previous day witnessed gold and silver closing lower in both domestic and international markets. Gold June futures settled at Rs 92,339 per 10 grams, declining 2.50%, whilst silver July futures ended at Rs 94,729 per kilogram, dropping 1.24%.
Precious metals prices experienced a sharp correction following U.S. President Donald Trump's statements regarding possible trade agreements with India, South Korea, and Japan, alongside ongoing discussions with China.
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The dollar index strengthened following these remarks, surpassing the 100 level. The US Dollar Index, DXY, was trading around 100.02, showing a decrease of 0.23 or 0.23% today.
"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," said Manoj Kumar Jain of Prithvifinmart Commodity Research according to an ET report.
The U.S. GDP showed contraction in the previous quarter, with unemployment claims rising again, potentially creating conditions for U.S. Fed rate reductions and providing support for precious metals prices at lower levels.
"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.