Gold and Silver Prices Today, 6 May 2025: Gold prices surged to a two-week high on Tuesday, 6 May 2025, as investors turned to the safe-haven asset amid growing concerns over fresh tariff announcements by US President Donald Trump and ahead of the Federal Reserve’s key policy decision.
On the Multi Commodity Exchange (MCX), gold June futures rose by 1.25 per cent or Rs 1,186, settling at Rs 96,000 per 10 grams. Silver May futures also gained 2.14 per cent, or Rs 2,016, closing at Rs 96,610 per kilogram.
In the international market, spot gold was up 1.4 per cent to $3,380.92 an ounce as of 0224 GMT—its highest level since April 22. Spot silver rose 1.5 per cent to $32.99 an ounce, platinum increased 1.3 per cent to $971.24, and palladium edged up 0.5 per cent to $945.75.
The rally in precious metals comes as traders brace for potential volatility. “Gold prices have had a strong start to the week, with investors returning to the safe-haven asset to hedge against portfolio volatility amid renewed tariff concerns from US President Donald Trump,” said Yeap Jun Rong, Market Strategist at IG.
Trump recently announced a 100 per cent tariff on foreign-produced films, with further tariffs on pharmaceuticals expected in the coming weeks. These developments have sparked fresh concerns over US trade policy and global market stability.
Investors are now closely watching the Federal Reserve’s upcoming policy decision due Wednesday. The Fed has held interest rates in the 4.25 per cent–4.50 per cent range since December. Market participants anticipate the central bank will leave rates unchanged, though attention will be focused on Fed Chair Jerome Powell’s remarks for clues on the future policy path.
“Any dovish signals could provide further support for gold, reinforcing its broader upward momentum,” Rong added.
According to Goldman Sachs, the Fed is expected to hold off on rate cuts until it sees more data from the labor market and broader economy. The investment bank anticipates three 25-basis-point cuts later this year—in July, September, and October.
Non-yielding gold, which offers no interest but serves as a hedge against inflation and uncertainty, tends to perform well when rates are low or geopolitical risks rise.
Retail Gold Prices Across Major Indian Cities (May 2, 2025):
|
City |
24K |
22K |
|
Mumbai |
Rs 9,574 |
Rs 8,776 |
|
Delhi |
Rs 9,589 |
Rs 8,791 |
|
Chennai |
Rs 9,574 |
Rs 8,776 |
|
Kolkata |
Rs 9,574 |
Rs 8,981 |
|
Bengaluru |
Rs 9,574 |
Rs 8,776
|
Gold Price in Mumbai:
In Mumbai, the price of 24-karat gold stood at Rs 9,574 per gram, while 22-karat gold was priced at Rs 8776 per gram.
Gold Price in Delhi:
The national capital recorded 24K gold at Rs 9,589 per gram, with 22K gold available at Rs 8,791 per gram.
Gold Price in Chennai:
Gold rates in Chennai were slightly lower, with 24K gold at Rs 9,574 per gram and 22K gold at Rs 8,776 per gram.
Gold Price in Kolkata:
In Kolkata, 24-karat gold was priced at Rs 9,574 per gram, and 22-karat gold was selling at Rs 8,776 per gram.
Gold Price in Bengaluru:
Bengaluru saw 24K gold trading at Rs 9,574 per gram, while 22K gold was available at Rs 8,776 per gram.
Gold Price in Pune:
Pune saw 24K gold trading at Rs 9,574 per gram, while 22K gold was available at Rs 8,776 per gram
