Gold and Silver Prices Today, 28 May 2025: Gold hits Rs 95,935, Silver nears Rs 97,943; Check latest city-wise rates

Gold and Silver Prices Today, 28 May 2025: Gold and silver prices edged lower in India on Wednesday, 28 May, as both metals experienced minor corrections following a recent rally. On the Multi Commodity Exchange (MCX), gold slipped to Rs 95,125 per 10 grams, while silver fell to Rs 97,465 per kilogram. Analysts attributed the dip to a rebound in the US dollar and upbeat economic data from the United States.

In the international market, however, gold prices inched higher as investors looked to buy on dips. Spot gold was trading at $3,308.99 an ounce, up 0.3% as of 0237 GMT, recovering slightly from a 1% drop in the previous session. US gold futures also rose by 0.2% to $3,308.30 an ounce.

The modest gains come amid easing trade tensions between the US and European Union. President Donald Trump delayed the implementation of a 50% tariff on the EU until July 9, allowing room for negotiations. This development temporarily reduced demand for safe-haven assets like gold.

“Gold’s dip below $3,300 saw it attracting some buyers. However, the broader market is still upbeat now that US-EU trade tensions have eased, which is capping the extent of gold’s upside for now,” said Tim Waterer, Chief Market Analyst at KCM Trade. He added that if support in the $3,250–$3,280 range holds, gold could potentially rally again towards $3,400 if risk appetite declines.

Investors are now eyeing Friday’s release of the US core Personal Consumption Expenditures (PCE) index, a key inflation gauge, for cues on the Federal Reserve’s interest rate outlook.

Back home, Manoj Jain, Director at India Nivesh, said the domestic bullion market mirrored the global sentiment. On Tuesday, gold August futures settled lower at $3,328.30 per troy ounce, down 1.95%, while silver July futures declined by 0.99% to $33.311 per troy ounce. On the MCX, gold June futures ended at Rs 95,143 per 10 grams, down 0.83%, and silver July futures closed at Rs 97,475 per kg, down 0.54%.

“Selling pressure was triggered by the dollar index bouncing back from a one-month low, following Trump’s tariff postponement. This, coupled with stronger-than-expected US durable goods orders and consumer confidence data, weighed on bullion,” Jain explained. However, he noted that ongoing geopolitical uncertainties and tariff risks may support gold and silver at lower levels.

Outlook and Key Levels

Analysts expect continued volatility in the precious metals segment this week, given fluctuations in the dollar index, global geopolitical concerns, and anticipation surrounding the upcoming FOMC meeting minutes.

• Gold support: $3,300–$3,274; resistance: $3,350–$3,368
• Silver support: $33.00–$32.80; resistance: $33.58–$33.84
• Gold (MCX) support: Rs 94,800–94,400; resistance: Rs 95,500–96,000
• Silver (MCX) support: Rs 96,650–96,000; resistance: Rs 98,250–99,100

Buying is advised above key support zones with targets of Rs 96,000 for gold and Rs 98,250–99,000 for silver in the upcoming sessions.

Dollar Index and Rupee Watch

The dollar index closed Tuesday at 99.502, up 0.63%, following a volatile session driven by better-than-expected US macroeconomic data and a rebound in equities. The USD-INR futures contract also rose 0.31%, settling at 85.3850 on the NSE.

The rupee, however, faced high volatility, reversing earlier gains. Weakness in domestic equities and global uncertainty over a US-India trade deal put downward pressure on the currency. Analysts expect the rupee to trade in the range of 84.20–86.55 this week.

Investors are advised to stay cautious as bullion remains in a tight range, awaiting major economic signals that could set the tone for upcoming sessions.

City-wise Gold Prices (per gram on 28 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 8934 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 8934 per gram.

Gold Price in Bengaluru:
Bengaluru saw 24K gold trading at Rs 9,747 per gram, while 22K gold was available at Rs 8934 per gram.

Gold Price in Pune:
Pune saw 24K gold trading at Rs 9,747 per gram, while 22K gold was available at 8934 per gram