GG News Bureau
Mumbai, 2nd May: Gold prices in the local market experienced a marginal uptick on Friday, May 2nd. At 9:30 am, the rate for 24-karat gold reached ₹92,980 per 10 grams, a rise of ₹320 compared to the previous day’s closing figure. Simultaneously, 22-karat gold was quoted at ₹85,232 per 10 grams.
This slight increase in gold prices follows a notable decline observed over the past three trading sessions. The precious yellow metal had been trading at lower levels after having scaled record highs, primarily as its traditional safe-haven appeal waned among investors who are increasingly optimistic about the prospects of a potential trade agreement between the United States and its key trading partners.
The US government has reportedly initiated discussions with China aimed at forging a potential trade deal. Adding to this positive sentiment, US President Donald Trump recently signed two executive orders designed to ease the impact of previously imposed auto tariffs. These developments collectively suggest an improving market sentiment, with hopes that the most concerning aspects of the tariff disputes might be in the past.
On the domestic front, the auspicious occasion of Akshaya Tritiya spurred significant sales of both gold and silver across India. According to data released by the Confederation of All India Traders (CAIT), the total estimated sales during the festival ranged between ₹15,000 to ₹16,000 crore. Of this, gold jewellery and related items accounted for approximately ₹12,000 crore, while silver sales reached around ₹4,000 crore.
Gold Prices in Key Indian Cities (as of 9:30 am):
In the New Delhi markets, the price of 24-karat gold was recorded at ₹92,550 per 10 grams, while 22-karat gold was trading at ₹84,838 per 10 grams. The corresponding prices in other major cities were: Mumbai – ₹92,750 (24K) and ₹85,021 (22K); Chennai – ₹93,020 (24K) and ₹85,268 (22K); and Kolkata – ₹92,620 (24K) and ₹84,902 (22K). The local rates in Varanasi were ₹92,980 for 24K gold and ₹85,232 for 22K gold.
Mirroring the gains observed in international gold prices during the early morning trading session, MCX Gold futures for June delivery also showed an upward trend, trading higher by 0.25% at ₹92,573 per 10 grams as of 9:30 am. The contract witnessed a day high of ₹93,003 and a day low of ₹92,543. In the United States markets, gold futures for June delivery registered a substantial increase of 1.2% or $40, trading at $3,262 per ounce.
Silver Prices Today in India (May 2, 2025):
Contrasting the movement in gold prices, silver prices in the local market traded slightly lower, hovering around ₹95,260 per kg, marking an increase of 0.35%. Meanwhile, MCX Silver for May delivery was trading higher by 0.55% at ₹94,100 per kg as of 9:30 am. In the international markets, silver prices were trading around $32.6 per troy ounce, reflecting a gain of 1.3%.
Silver Prices in Major Cities (as of 9:30 am):
The price of silver per kg in major Indian cities was as follows: Mumbai – ₹95,120; Delhi – ₹94,900; Chennai – ₹95,400; and Kolkata – ₹94,990. The local rate in Varanasi was ₹95,260 per kg.
The precious metals market continues to be significantly influenced by global economic indicators, particularly developments in the ongoing US trade negotiations and the overall market sentiment concerning risk assets. Market participants will be closely monitoring these factors for further insights into potential price movements in the near term.
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