Gold up on MCX as dollar dips; time to buy? May 02, 2025

Gold up on MCX as dollar dips; time to buy? May 02, 2025

Today’s gold rate: The domestic futures market saw an increase in gold prices. This rise comes after the US dollar fell,indicating a downturn in the US economy as the GDP shrank for the first time in three years. In recent days,there has been a notable increase in profit booking in MCX Gold prices.

Today’s gold rate: After recent macroeconomic data showed a slowdown in the US economy, a weaker US dollar helped gold prices rise in the local futures market on Friday morning. Around 9:20 AM,MCX Gold June 5 contracts were up 0.46 percent at ₹92768 per 10 grams.

Also Read :gold price prediction today in india : May 01, 2025

Supply chains are being strained, prices are rising, and unemployment is rising as a result of the trade war that US President Donald Trump started with his tariff policies.

In the first quarter of the calendar year (Q1CY25), the US economy shrank for the first time in three years, according to Reuters. Last quarter,the US GDP shrank by 0.3% on an annualized basis. In April,US manufacturing shrank for the second consecutive month. Last month,the ISM’s manufacturing PMI fell from 49.0 in March to 48.7,a five-month low.

The dollar index fell by around 0.30 percent,which increased demand for the yellow metal by making it less expensive in other currencies.

Gold prices: Increasing volatility has a negative impact on MCX Gold prices have been declining recently as a result of news about the trade war, macroeconomic data, and rising dollar volatility.

Amid indications of a reduction in trade hostilities between the United States and its trading partners, particularly China, MCX Gold June 5 contracts had dropped ₹7,000 till the previous session from its record high of ₹99,358 per 10 grams, which was reached on April 22.

Trump stated that there is a “very good chance” of reaching a deal with China and that trade accords may be achieved with South Korea,Japan,and India. According to a Chinese media-affiliated social media account,the US has reached out to China to negotiate Trump’s 145% tariffs.

Investors’ risk appetite improved as the trade war’s peak fear subsided,which resulted in more buying of stocks and profit booking in safe-haven assets.

Disclaimer: The sole intention of this story is education. The opinions and suggestions expressed above are not those of bharatbulletin24x7.com,but rather those of individual analysts or broking firms. Since situations can change and market conditions can change quickly, we suggest clients to consult with qualified specialists before making any investment decisions.