Gold & Silver Prices: MCX Closed | Previous Close – Gold at Rs 95,353/10g, Silver at Rs 96,134/kg

Gold & Silver Prices Today, 1 May 2025: On 1 May 2025, trading on the Multi Commodity Exchange (MCX) remains closed during the day in observance of Maharashtra Day and Labour Day (International Workers’ Day).
Maharashtra Day commemorates the formation of the state of Maharashtra on May 1, 1960, and is celebrated with great pride by Maharashtrians.

At the same time, Labour Day or International Workers’ Day, which began in the late 19th century to honour the contributions of workers worldwide, is observed as a public holiday across many Indian states including Maharashtra, Tamil Nadu, and West Bengal.

MCX will reopen today at 5:30 PM for the evening session.

Meanwhile, the gold and silver prices mentioned are based on the previous day’s (April 30, 2025) closing rates:

• Gold (MCX June futures): Rs 95,353 per 10 grams
• Silver (MCX May futures): Rs 96,134 per kilogram

Global Market

Globally, gold and silver prices softened due to easing trade tensions and a stronger dollar ahead of key US economic data releases.

In the international market, spot gold fell 1.4 per cent to $3,240.66 an ounce by 0207 GMT, while US gold futures slipped 2.1 per cent to $3,248.60 an ounce. The dollar index (.DXY) rose 0.3 per cent against major currencies, making gold more expensive for holders of other currencies.

The pullback in gold prices comes as US President Donald Trump signaled “potential” trade agreements with India, South Korea, and Japan, easing fears around global trade conflicts. “Gold retraced as trade war concerns eased, but market confidence remains shaky with investors reacting to headlines daily,” said Ilya Spivak, Head of Global Macro at Tastylive.

Gold had recently scaled multiple record highs in April, supported by uncertainties and a dovish monetary policy outlook from the US Federal Reserve. However, analysts suggest the metal may need to consolidate further after the sharp rally. “The Fed’s dovish policy outlook could support gold, but it may need to unwind more of the April panic first,” Spivak added.

Adding to the cautious sentiment, data showed the US economy contracted for the first time in three years during the first quarter of fiscal 2025, driven by a surge in imports ahead of anticipated tariffs. Traders are now betting that clearer signs of economic weakness could prompt the Fed to cut interest rates by a full percentage point by the end of 2025.

Investors are closely watching the US non-farm payrolls report due on Friday for further signals on the Federal Reserve’s next moves.

Among other precious metals, spot silver slipped 0.7per cent to $32.36 an ounce, platinum edged down 0.4 per cent to $963.34, while palladium was steady at $938.22 an ounce.

Meanwhile, markets in China, including stock, bond, foreign exchange, and commodity futures, remain closed from May 1 to May 5 for the Labour Day holidays.

Retail Gold Prices Across Major Indian Cities (April 30, 2025):

Gold Price in Mumbai:

In Mumbai, the price of 24-karat gold stood at Rs 9,798 per gram, while 22-karat gold was priced at Rs 8,981 per gram.

Gold Price in Delhi:

The national capital recorded 24K gold at Rs 9,813 per gram, with 22K gold available at Rs 8,996 per gram.

Gold Price in Chennai:

Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,798 per gram and 22K gold at Rs 8,981 per gram.

Gold Price in Kolkata:

In Kolkata, 24-karat gold was priced at Rs 9,798 per gram, and 22-karat gold was selling at Rs 8,981 per gram.

Bengaluru:

Bengaluru saw 24K gold trading at Rs 9,798 per gram, while 22K gold was available at Rs 8,981 per gram.