Gold Price Today News: On Akshaya Tritiya, gold prices declined by more than $15 but managed to stay above the key $3,300 per troy ounce level. Silver, however, dropped over 1%, slipping below the $33 mark, weighed down by cautious investor sentiment and a mixed global economic outlook. Today US and Euro Zone GDP data in focus.
On Akshaya Tritiya, people buy gold as it is believed to bring prosperity, wealth, and good fortune. The day is considered highly auspicious in Hindu and Jain traditions, symbolizing unending success. Gold purchases on this day are seen as a sacred investment that multiplies over time, enhancing spiritual and financial wellbeing.
President Trump also commented on trade negotiations with India, saying:
“I think we’ll have a deal with India,”
“The prime minister, as you know, was here three weeks ago, and they want to make a deal.”
Prime Minister Narendra Modi had visited the White House in late February, and talks between the two nations appear to be progressing positively.
In macroeconomic developments, China’s manufacturing activity contracted more than expected, falling to a near two-year low. The official Purchasing Managers’ Index (PMI) came in at 49.0 for April, according to data released by the National Bureau of Statistics on Wednesday. This reading dipped below the 50-point threshold that separates growth from contraction, marking the first contraction since January.
Meanwhile, in the U.S., President Donald Trump signed a pair of executive orders on Tuesday to ease the impact of auto tariffs. The measures include a combination of credits and relief from other levies on key materials. Additionally, China’s decision to waive a 125% tariff on U.S. ethane imports, imposed earlier this month, was seen as a gesture toward easing trade tensions.
Market Overview
Gold and silver traded in a tight range on Tuesday, ending on a mixed note. U.S. equity markets edged up slightly, while economic data painted a mixed picture. Consumer confidence in the U.S. declined due to inflation concerns and ongoing tariff pressures, which failed to lend support to gold. However, silver saw some bargain buying interest amid hopes for progress in U.S.-China trade talks.
Investors now turn their attention to key data, including today’s Eurozone GDP Flash Estimate at 2:30 PM, followed by U.S. GDP and corporate earnings later this week, which are expected to drive market direction.
Outlook
Market expert Manoj Kumar Jain anticipates continued volatility in gold and silver due to fluctuations in the dollar index and upcoming U.S. economic indicators.
“Gold prices could hold the support level of $3,200 per troy ounce and silver may hold $31.40 on a weekly closing basis,” said Jain.
“Gold has support at $3,310–3,288 and resistance at $3,355–3,374. Silver is supported at $32.94–32.70, with resistance at $33.50–33.80 per troy ounce in today’s session.”
On MCX, gold support is seen at ₹95,000–94,400 and resistance at ₹96,040–96,650. Silver support is at ₹97,400–96,650 and resistance at ₹98,950–99,700. Jain recommends:
“Buy silver on dips around ₹97,400–97,000 with a stop loss at ₹96,350 for targets of ₹98,500–99,200.”
Technical Analysis — Kedia Commodity
Gold is currently under long liquidation, with open interest dropping 3.84% to 17,162 contracts. Key technical levels include:
- Support: ₹95,150 and further down at ₹94,705
- Resistance: ₹95,920, with potential upside to ₹96,245
Silver shows continued buying interest:
- Immediate support: ₹97,175 and lower at ₹96,240
- Resistance: ₹98,965, with a breakout likely pushing prices to ₹99,820
Big Events of the Week
Wednesday, April 30, 2025
United States
- 05:45 PM — ADP Employment Change (April)
- 06:00 PM — GDP Growth Rate QoQ Advance (Q1)
- 07:30 PM — Core PCE Price Index MoM (March)
- 07:30 PM — Personal Income MoM (March)
China
- 07:00 AM — NBS Manufacturing PMI (April)
Euro Area
- 02:30 PM — GDP Growth Rate QoQ Flash Estimate (Q1)
Thursday, May 1, 2025
United States
- 06:00 PM — Initial Jobless Claims (Week Ending April 26)
- 07:30 PM — ISM Manufacturing PMI (April)
Japan
- 08:30 AM — Bank of Japan (BoJ) Interest Rate Decision
Friday, May 2, 2025
United States
- 06:00 PM — Non-Farm Payrolls (April)
- 06:00 PM — Unemployment Rate (April)
- 07:30 PM — Factory Orders MoM (March)
Euro Area
- 02:30 PM — Inflation Rate YoY Flash Estimate (April)
Friday, May 9, 2025 — China
- 08:30 AM — Exports YoY (April)
- 08:30 AM — Imports YoY (April)
Saturday, May 10, 2025 — China
- 07:00 AM — Inflation Rate YoY (April)
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Disclaimer:
The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here.
