Gold and Silver Prices Today, June 3, 2025: Gold jumps up at Rs 96,781/ 10 gm, silver up at Rs 1,00,980/kg

Gold and Silver Prices Today, June 3, 2025: Gold prices soared over 2% on Monday, reaching their highest level in more than three weeks, as a weakening dollar, rising geopolitical risks, and renewed trade tensions drove investors toward safe-haven assets. Meanwhile, silver prices edged lower in domestic trade despite strong global cues.

Key Domestic Market Highlights:

Gold futures rose to Rs 96,781 per 10 grams, up 2.26%

Silver prices fell marginally to Rs 1,00,980 per kg, down 0.03%

International Market Movement:

Spot gold jumped 2.5% to $3,372.13/oz, hitting its highest since May 8

U.S. gold futures closed at $3,397.20/oz, up 2.5%

Spot silver surged 4.7% to $34.54/oz, touching a 7-month high

What’s Driving the Rally?

A sharp 0.5% fall in the U.S. dollar index made gold cheaper for international buyers, while escalating U.S.-China trade tensions and geopolitical risks, including Ukrainian drone attacks on Russian territory, pushed demand for safe-haven assets.

Peter Grant of Zanier Metals noted that threats of increased U.S. tariffs on steel and aluminium and geopolitical developments have amplified investor risk aversion. U.S. President Donald Trump’s recent accusations against China for breaching a trade rollback pact also contributed to market jitters.

Adding to the uncertainty is anticipation over a rate cut from the European Central Bank and the upcoming U.S. jobs report, which may hint at the Federal Reserve’s next policy move. Lower interest rates typically support gold prices.

Expert Take

Manoj Kumar Jain, Commodity Strategist, said:

“Gold and silver posted solid gains amid safe-haven buying and a sell-off in the dollar index. Prices surged after heightened geopolitical tensions and U.S.-China tariff threats. The dollar index dropping below 99 to a 6-week low further supported gold and silver. We expect the trend to remain volatile this week.”

He added that:

• Gold (Comex) has resistance at $3,414–3,445, support at $3,355–3,330
• Silver (Comex) sees resistance at $35.00–35.35, support at $34.20–33.80
• Gold (MCX) support: Rs 97,400–96,850, resistance: Rs 98,200–98,850
• Silver (MCX) support: Rs 1,00,200–99,100, resistance: Rs 1,02,400–1,04,000

Jain recommends buying silver on dips around Rs 99,800–99,200 with a stop loss at Rs 98,200, targeting Rs 1,02,400–1,04,000.

With market volatility expected to continue, particularly in currency nd bond markets, precious metals may remain in focus through the week.