KKN Gurugram Desk | Gold and silver prices witnessed a sharp rebound on May 2, 2025, following a short-term phase of correction in the domestic and international commodity markets. Both precious metals opened in green territory on India‘s Multi Commodity Exchange (MCX), mirroring a similar upward movement on the COMEX in the United States.

As of this morning, gold was trading at ₹92,850 per 10 grams, while silver touched ₹95,200 per kilogram, signaling renewed investor interest amid global uncertainty and inflationary fears.

 Key Highlights: May 2, 2025

• Gold Price (MCX): ₹92,870 per 10 grams (up ₹531)

• Silver Price (MCX): ₹95,225 per kg (up ₹496)

• Gold Price (COMEX): $3,259.10 per ounce (up $36.90)

• Silver Price (COMEX): $32.62 per ounce (up $0.44)

• Gold 1-Month High (India): ₹99,358

• Silver YTD High (India): ₹1,01,999

Domestic Market Trends (MCX): Gold Surges

The Indian gold market opened strongly on Friday, May 2, with the MCX June Gold Futures Contract showing a ₹496 gain, starting at ₹92,835. The previous close for the same contract was ₹92,339.

By the time of reporting, the price further climbed by ₹531, reaching ₹92,870 per 10 grams. During the session:

• Day’s High: ₹93,003

• Day’s Low: ₹92,680

This surge comes after gold prices had cooled off in the past few trading sessions. Traders are now watching closely for any signals from the US Federal Reserve and other central banks regarding interest rate adjustments, which traditionally impact precious metals.

 Silver Sparkles Again: Domestic Market

Silver, often referred to as the “poor man’s gold,” also regained momentum.

On the MCX, the May Silver Futures Contract opened at ₹95,189, up ₹460 from its previous close of ₹94,729. At the time of writing, silver was trading at ₹95,225 per kg, marking a ₹496 increase.

• Day’s High: ₹95,430

• Day’s Low: ₹95,022

Despite recent corrections, silver remains one of the best-performing assets in 2025, previously reaching a 52-week high of ₹1,01,999 per kg.

 Global Market Update (COMEX): Positive Global Cues

 Gold (COMEX)

In the international market, gold futures opened at $3,247.60 per ounce on COMEX, up from the previous close of $3,222.20. As per the latest update, gold was trading at $3,259.10, up $36.90.

• All-Time High: $3,509.90 per ounce (April 2025)

The renewed buying in global markets comes amid fears of prolonged economic stagnation in Western economies, geopolitical tensions, and central bank accumulation.

Silver (COMEX)

Silver opened at $32.38 per ounce and climbed to $32.62, gaining $0.44 from the previous close of $32.18.

Market participants globally are betting on increased industrial demand for silver, particularly in solar energy, electric vehicles, and electronics manufacturing.

Price Summary Table: MCX and COMEX (May 2, 2025)

Note: Gold is measured per 10 grams and silver per kg on MCX. On COMEX, both are traded per ounce.

 What’s Driving the Price Rise?

Several macroeconomic and geopolitical factors are contributing to this upward momentum in gold and silver prices:

1. Geopolitical Tensions

Ongoing conflicts in Eastern Europe, as well as escalating US-China rivalry, are fueling risk-averse behavior, with investors moving toward safe-haven assets like gold.

2. Inflation Concerns

Persistent inflation in developed economies, especially in the US and EU, is keeping real interest rates low, making precious metals attractive.

3. Central Bank Buying

Central banks globally, including in Russia, China, and India, have been increasing their gold reserves, further boosting demand.

4. Weaker Dollar

A slight weakening of the US dollar index makes gold and silver cheaper for international buyers, thereby increasing demand.

 Investment Outlook: Should You Buy Gold or Silver Now?

✔️ Short-Term

• Market experts suggest that gold may face resistance at ₹93,500–₹94,000, but a breakout could lead to retesting the ₹99,000+ levels seen last month.

• Silver is expected to remain volatile but has potential for growth due to industrial consumption trends.

✔️ Long-Term

• Gold remains a preferred hedge against inflation and currency devaluation.

• Silver may offer better capital appreciation due to its dual nature — both precious and industrial.

 Tips for Buyers and Investors

• Jewelry Buyers: Expect higher making charges amid rising metal costs. Best to wait unless urgent.

• Investors in Digital Gold: Monitor price levels; consider SIPs in gold ETFs to average out costs.

• Silver Investors: Look at long-term opportunities via silver ETFs, commodities, or sovereign silver bonds if introduced.

The strong rebound in both gold and silver prices on May 2, 2025, reflects renewed global demand and macroeconomic pressures. Whether you’re an investor, a trader, or a consumer, staying informed about these price movements is crucial.

With gold nearing the ₹93,000 mark and silver showing resilience above ₹95,000, the commodities market is clearly heating up again.