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.
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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.
