Gold prices surged this week, with COMEX futures climbing nearly $65–$70 to approach the $3,400 per ounce mark. Spot gold also traded firmly above $3,380, while silver followed suit, rising over 2% to cross the $33.50 level on COMEX. Renewed geopolitical tensions in the Middle East and growing expectations of a Federal Reserve rate cut this year have reignited bullish momentum in the bullion market.
Adding to the market’s focus, the U.S. Federal Reserve’s two-day policy meeting begins today, with the outcome and FOMC statement scheduled for release on Wednesday, May 7, at 11:30 PM IST. Investors are closely watching the Fed’s tone and Chair Jerome Powell’s press conference for cues on the timing and trajectory of potential rate cuts in 2025.
Analysts at ANZ view the recent pullback in gold prices from record highs as a “healthy correction.” Despite easing US-China trade tensions, ANZ believes the broader macroeconomic backdrop—including ongoing tariff risks, elevated inflation expectations, and slowing global growth—continues to favor gold. The bank maintains a year-end target of $3,600/oz, identifying the $3,000–$3,200 range as an attractive buy zone.
Gold is also expected to continue outperforming silver, according to Goldman Sachs. In a note released Monday, the bank cited persistent central bank demand for gold as a key driver behind the structurally higher gold-silver ratio.
“With Chinese solar production now slowing amid oversupply, high recession risk, and central bank gold buying remaining strong in 2025, we expect gold to continue outglittering silver,” the bank noted.
Meanwhile, Middle East tensions escalated sharply. Israeli Prime Minister Benjamin Netanyahu’s security cabinet has approved an expanded military offensive against Hamas in Gaza, which could see Israel seizing the territory and controlling aid. In a related development, Israel launched strikes on targets in Yemen for the first time in months, following a missile attack by Houthi forces on Tel Aviv airport.
Big Events of the Week
Monday, May 5, 2025
07:15 PM (US) – S&P Global Services PMI Final (April)
07:30 PM (US) – ISM Services PMI (April)
Tuesday, May 6, 2025
06:00 PM (US) – Balance of Trade (March)
06:00 PM (US) – Exports & Imports Data
Wednesday, May 7, 2025
11:30 PM (US) – Federal Reserve Interest Rate Decision
12:00 AM – Fed Press Conference
Thursday, May 8, 2025
05:20 AM (Japan) – BoJ Monetary Policy Meeting Minutes
04:30 PM (UK) – Bank of England Interest Rate Decision
06:00 PM (US) – Initial Jobless Claims
06:00 PM (US) – Nonfarm Productivity QoQ Preliminary (Q1)
08:30 PM (US) – Consumer Inflation Expectations (April)
Friday, May 9, 2025
04:15 PM (US) – Speech: Fed Governor Barr
06:00 PM (US) – Speech: Fed Governor Kugler
07:30 PM (US) – Speech: Fed President Goolsbee
Saturday, May 10, 2025
07:00 AM (China) – 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.
