Comex Gold: China confirmed it is assessing an offer from the United States to begin tariff negotiations. The Chinese Ministry of Commerce said that senior U.S. officials have recently made contact “through relevant parties multiple times,” expressing interest in restarting talks. Comex Gold prices rebounded above the $3,250 mark on Friday after a sharp fall yesterday.
Beijing, however, emphasized that any dialogue must come with genuine intent.
“If the U.S. wants to talk, it should show its sincerity and be prepared to correct its wrong practices and cancel the unilateral tariffs,” the ministry stated.
The Chinese market remains shut until May 5 for the Labour Day holiday and will resume operations on May 6. Meanwhile, global markets witnessed high volatility. After a sharp drop in gold prices on Thursday, bargain buying emerged at lower levels. COMEX gold futures rose again, crossing the $3,250 level, while silver also strengthened, climbing more than 1%.
The Trump administration’s tariff policy remains a key pressure point in global trade. U.S. President Donald Trump imposed steep 145% tariffs on Chinese imports earlier this year, prompting China to retaliate with its own levies of up to 125%.
In Asia, Japan is also gearing up for trade talks with the U.S., aiming for a deal by June. Finance Minister Katsunobu Kato stirred discussions by suggesting Japan’s substantial U.S. Treasury holdings could potentially be used as leverage.
“It does exist as a card,” Kato said during a TV Tokyo appearance. “Whether or not we use that card is a different decision.”
On the geopolitical front, President Trump removed National Security Adviser Michael Waltz on Thursday, naming Secretary of State Marco Rubio as interim replacement. Trump announced he would nominate Waltz as the next U.S. Ambassador to the United Nations.
“He has worked hard to put our nation’s interests first,” Trump said in a social media post.
In South Asia, Vice President JD Vance reiterated the U.S.’s commitment to preventing further escalation between India and Pakistan after last week’s deadly attack in Kashmir.
Meanwhile, domestic financial markets reflected optimism. The Indian rupee touched a five-month high, supported by hopes of a U.S.-India trade deal, renewed foreign investments in equities, and a weakening U.S. dollar.
However, global precious metals corrected sharply on Thursday. COMEX gold June futures settled at $3,222.20/oz, down 2.92%, and silver May futures closed at $32.205/oz, down 1.00%. In Indian markets, gold June futures ended at ₹92,339/10g (down 2.50%) and silver July futures at ₹94,729/kg (down 1.24%).
The decline followed President Trump’s remarks on potential trade deals with India, South Korea, Japan, and China. His comments pushed the dollar index back above 100, pressuring gold and silver prices.
Despite the correction, weak U.S. economic data — including a contraction in GDP and rising jobless claims — has revived expectations of a potential Fed rate cut, which could support precious metals going forward.
Manoj Kumar Jain, Director at Prithvi Finmart, expects continued volatility.
“We expect gold and silver prices to remain volatile in today’s session amid fluctuations in the dollar index and ahead of the U.S. job data. Gold could hold its support at $3,200 per ounce and silver at $31.40 per ounce on a weekly closing basis,” he said.
Key Support & Resistance Levels (International):
- Gold: Support – $3,200-$3,180 | Resistance – $3,250-$3,280
- Silver: Support – $31.84-$31.40 | Resistance – $32.50-$32.88
Key Support & Resistance Levels (MCX):
- Gold: Support – ₹91,800–₹91,150 | Resistance – ₹92,720–₹93,200
- Silver: Support – ₹94,000–₹93,350 | Resistance – ₹95,200–₹96,000
Jain advises buying gold around ₹92,200 with a stop loss at ₹91,780 for a target of ₹93,000.
Big Events of The Day: 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.
