Gold and Silver Price Today, 29 May 2025: Gold at Rs 95,300; Silver nears Rs 97,265 amid global volatility

Gold and Silver Price Today, 29 May 2025: Gold prices dipped on the Multi Commodity Exchange (MCX) on Thusday, reaching Rs 94,765 per 10 grams however, gained slightly to Rs 97607 per kilogram.

In the international market, spot gold held steady at $3,299.95 per ounce, while US gold futures closed 0.2 per cent lower at $3,294.90. Analysts attribute the stability to the release of the US Federal Reserve’s May meeting minutes, which flagged rising inflation and recession risks, bolstering gold’s appeal as a hedge.

Jim Wyckoff, senior analyst at Kitco Metals, noted, “The gold market has been choppy recently, reacting to daily fundamental news with no clear trend.” The Fed minutes also highlighted “difficult tradeoffs” amid concerns over inflation and rising unemployment.

Key Drivers:

• Fed Caution: The Federal Reserve signalled caution about persistent inflation, stating no immediate need for policy intervention despite robust job markets.
• Geopolitical Factors: Renewed US- Iran nuclear talks and calls for restraint by the US President on military actions in the Middle East also weighed on market sentiment.
• Goldman Sachs View: The firm recommended a higher allocation to gold in long-term portfolios due to concerns over US fiscal credibility and strong central bank demand.

Gold has already gained 26 per cent year-to-date, peaking in April, and remains a preferred safe-haven asset in volatile times. Meanwhile, silver fell 0.9 per cent to $32.99 per ounce, platinum edged up 0.1 per cent to $1,081.09, and palladium dropped 1.2% to $967.10.

Back home, gold June futures settled at Rs 95,278 per 10 grams, up by 0.14 per cent , while silver July futures closed at Rs 97,255, down by 0.23 per cent. The rupee’s weakness and global cues led to a mixed close in domestic markets.

Expert View:

Manoj Jain, Director at India Nivesh, stated, “Gold and silver extended their fall internationally amid easing safe-haven demand due to dollar strength and optimistic US economic commentary. The trend remains volatile.”

Jain predicts support for gold around $3,200 and silver at $31.80 per ounce. On MCX, gold has support at Rs 94,660–94,200 and resistance at Rs 95,700–96,100, while silver is expected to move between Rs 96,650–96,000 support and Rs 98,000–98,850 resistance. He advises traders to sell gold below Rs 95,000 with a stop loss at Rs 95,550 and a target of Rs 94,200.

Currency Watch:

The dollar index rose to 99.81, up by 0.31%, after the Fed minutes reinforced confidence in the US economy and dimmed prospects of rate cuts. The USD-INR June futures traded flat, ending slightly lower at 85.5750.

The rupee faced intraday pressure due to stronger crude prices and weak IIP data, though it found some support from better-than-expected corporate earnings and monsoon forecasts. Analysts expect the rupee to remain volatile, trading between 84.20–86.55 against the dollar this week.

With key US data like GDP and PCE inflation numbers due this week, analysts expect continued fluctuations in both gold and silver prices, influenced by dollar movements, Fed signals, and geopolitical headlines.

City-wise Gold Prices (per gram on 29 May 2025):

Gold Price in Mumbai:
In Mumbai, the price of 24-karat gold stood at Rs 9,747 per gram, while 22-karat gold was priced at Rs 8,934 per gram.

Gold Price in Delhi:
The national capital recorded 24K gold at Rs 9,762 per gram, with 22K gold available at Rs 8,949 per gram.

Gold Price in Chennai:
Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,747 per gram and 22K gold at Rs 8,934 per gram.

Gold Price in Kolkata:
In Kolkata, 24-karat gold was priced at Rs 9,747 per gram, and 22-karat gold was selling at Rs 8,934 per gram.

Gold Price in Bengaluru:
Bengaluru saw 24K gold trading at Rs 9,747 per gram, while 22K gold was available at Rs 8,934 per gram.

Gold Price in Pune:
Pune saw 24K gold trading at Rs 9,747 per gram, while 22K gold was available at 8,934 per gram