Gold and Silver Prices Today, 2 May 2025: Gold at Rs 92,629, Silver at Rs 94,100 — Check city-wise gold rates

Gold and Silver Prices Today, 2 May 2025: Gold prices rebounded on Friday, May 2, recovering from a two-week low as investors turned to the safe-haven asset ahead of the crucial U.S. non-farm payrolls report, which could influence the Federal Reserve’s policy direction.

On the Multi Commodity Exchange (MCX), gold June futures rose by 1.31% or Rs 290 to close at Rs 92,629 per 10 grams, while silver May futures gained 0.55% or Rs 517, settling at Rs 94,100 per kilogram.

In international markets, spot gold was up 0.5% at $3,256.51 an ounce (as of 0356 GMT), after having slipped nearly 2% over the week—the sharpest weekly fall since late February. U.S. gold futures also climbed 1.3% to $3,265.10.

The uptick in bullion prices follows easing concerns over U.S.-China trade tensions. Beijing is reportedly evaluating Washington’s offer to resume trade talks, potentially de-escalating a prolonged tariff conflict. Despite this, uncertainties remain high, prompting investor interest in gold.

“Every price correction in gold is seen as a buying opportunity,” said Soni Kumari, Commodity Strategist at ANZ. “If prices fall further towards the $3,000 level, we could see stronger investment demand.”

Adding to the market anticipation is the U.S. jobs data due later today. According to a Reuters poll, non-farm payrolls are expected to have risen by 130,000 in April, down from 228,000 in March. Investors are closely watching these figures for clues on potential Fed rate cuts, especially in light of a contraction in U.S. GDP and a surge in jobless claims.

Meanwhile, spot silver rose 0.9% to $32.68 an ounce, platinum firmed 1.1% to $968.89, and palladium gained 1% to $949.48.

Market Outlook

According to Manoj Jain, Director at India Nivesh, gold and silver prices may remain volatile amid fluctuations in the U.S. dollar index and uncertainty ahead of the U.S. jobs report.

“We expect gold to hold support at $3,200 per ounce and silver around $31.40. On MCX, gold has support at Rs 91,800–91,150 and resistance at Rs 92,720–93,200. We recommend buying gold around Rs 92,200 with a stop loss at Rs 91,780 for a target of Rs 93,000,” he advised.

The dollar index, after a volatile session, climbed 0.72% to close at 99.98 on Thursday. The rebound came after U.S. President Donald Trump mentioned progress in trade deals with India, South Korea, Japan, and China, boosting investor sentiment and strengthening the greenback.

On the forex front, the USD-INR 28 May futures contract fell 0.86% to 84.6800. The rupee hit a five-month high, buoyed by strong FPI inflows, falling crude prices, and optimism over a U.S.-India trade pact. However, geopolitical tensions with Pakistan could temper further gains.

Key technical levels for the day

• Gold (MCX): Support – Rs 91,800–91,150 | Resistance – Rs 92,720–93,200
• Silver (MCX): Support – Rs 94,000–93,350 | Resistance – Rs 95,200–96,000
• Spot Gold: Support – $3,200–3,180 | Resistance – $3,250–3,280
• Spot Silver: Support – $31.84–31.40 | Resistance – $32.50–32.88
• Dollar Index Range: 98.85–101.40
• USD-INR Range: 84.2000–85.2200

With global economic indicators and geopolitical developments continuing to shape investor sentiment, all eyes now remain on the U.S. job data release for further direction in bullion markets.

Retail Gold Prices Across Major Indian Cities (May 2, 2025):

Gold Price in Mumbai:

In Mumbai, the price of 24-karat gold stood at Rs 9,551 per gram, while 22-karat gold was priced at Rs 87,55 per gram.

Gold Price in Delhi:

The national capital recorded 24K gold at Rs 9,566 per gram, with 22K gold available at Rs 8,770 per gram.

Gold Price in Chennai:

Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,551 per gram and 22K gold at Rs 8,755 per gram.

Gold Price in Kolkata:

In Kolkata, 24-karat gold was priced at Rs 9,551 per gram, and 22-karat gold was selling at Rs 8,981 per gram.

Bengaluru:

Bengaluru saw 24K gold trading at Rs 9,551 per gram, while 22K gold was available at Rs 8,755 per gram.