Gold Price Outlook: Gold prices recently dropped in both India and the global market, mainly due to a stronger US dollar and positive US economic data. On May 30, 2025, gold futures on India’s Multi Commodity Exchange (MCX) ended 0.59% lower. The June contract closed at ₹95,891 per 10 grams, compared to the previous ₹96,459.
Experts believe this fall is due to weaker demand for gold as a safe-haven asset. The rise in the US dollar, after favorable economic indicators, made investors move their money to riskier assets. According to the Bloomberg US Dollar Spot Index, the dollar stood at 99.329, showing stability and strength.
Jigar Trivedi, Senior Analyst at Reliance Securities, said the recent US data weakened the appeal of gold. He expects limited downside in the near term as the dollar attempts to rebound. However, geopolitical tensions and important global events may continue to support gold prices.
Trivedi noted that Comex gold may find support at $3,260 per ounce, while resistance is expected near $3,400. He advised investors to remain cautious and focus on upcoming economic updates like U.S. labour statistics, global Purchasing Managers’ Index (PMI) data, and policy decisions by the European Central Bank (ECB) and the Reserve Bank of India (RBI).
In India, Jateen Trivedi from LKP Securities also expects gold prices to move within a narrow range due to ongoing uncertainty related to tariffs and dollar strength. He suggests that the domestic gold market might find support at ₹94,000 and face resistance around ₹97,000 in the short term.
In summary, while gold prices may not see a sharp rise soon, their movement will depend on international economic developments and geopolitical risks. Investors are advised to stay updated and consult with experts before making any investment decisions.
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