Gold Price Today News: Geopolitical tensions surged at the Shangri-La Dialogue in Singapore after sharp comments from U.S. Defense Secretary Pete Hegseth prompted a formal protest from China. The diplomatic flare-up comes amid growing global uncertainty and continued volatility in precious metal markets.
Bloomberg Reported that Despite not sending a top military official to the event for the first time since 2019, China reacted strongly to Hegseth’s remarks, calling the United States “the true hegemonic country in the world and the primary factor that undermines peace and stability in the Asia Pacific region.”
Bloomberg Report says China’s Foreign Ministry further warned that the U.S. “must never play with fire” when it comes to Taiwan. This was in response to Hegseth’s statement during the forum that a conflict over Taiwan “could be imminent.”
The U.S. defense chief used his platform at the annual security summit to highlight China’s absence from direct dialogue, criticizing Beijing for not dispatching a senior defense official. The lack of high-level participation from China was seen by Washington as a missed opportunity for engagement and transparency on regional security issues.
In a strong statement aimed at asserting U.S. resolve, Hegseth said, “The United States is prepared to fight and win,” should deterrence fail in the Indo-Pacific. He called on Asian allies to enhance military coordination and increase defense spending in response to rising threats.
ECB Rate Decision on the Horizon
Investors are also bracing for a key policy decision from the European Central Bank next week, which could influence global market sentiment further as inflation concerns persist.
Precious Metals Under Pressure Amid Volatility
In global markets, both gold and silver ended the week lower. Gold August futures settled at $3,315.40 per troy ounce, down 0.85%, while silver July futures dropped 1.16% to $33.179 per troy ounce. Domestic markets mirrored this trend, with gold futures closing at ₹95,875 per 10 grams and silver at ₹97,015 per kilogram.
The dip in bullion prices followed a sharp rebound in the U.S. dollar index and heightened geopolitical uncertainty. U.S. President Donald Trump’s tweets accusing China of violating trade agreements and threatening Russia over the Ukraine conflict added to market pressure. Meanwhile, a U.S. Federal Court temporarily stayed a ruling blocking Trump’s proposed tariff plan, creating more turbulence.
Analyst Outlook: Volatility to Continue
“We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geopolitical tensions… gold prices could hold its support level of $3,180 per troy ounce and silver prices could also hold $31.80 per troy ounce levels on a weekly closing basis this week,” said Manoj Kumar Jain, Director at Prithvi Finmart.
He added:
- Gold (COMEX) support at $3,284–$3,260; resistance at $3,344–$3,364
- Silver (COMEX) support at $32.88–$32.60; resistance at $33.44–$33.80
- Gold (MCX) support at ₹95,440–₹95,100; resistance at ₹96,250–₹96,660
- Silver (MCX) support at ₹96,350–₹95,500; resistance at ₹97,800–₹98,450
JM Financial: Consolidation in Gold Likely
JM Financial analysts noted that gold remains in a consolidation phase after four weeks of sharp price swings.
“Bias looks sideways to up with resistance at ₹96,550, above which prices may test ₹99,000/₹99,800. Support seen at ₹95,200/₹94,000.”
Silver remains “sideways to positive” with support at ₹94,800/₹93,200 and potential upside towards ₹1,04,000/₹1,03,000.
SMC Global: Key Levels to Watch
SMC Global predicts a crucial range for COMEX gold between $3,270–$3,365, with a breakout likely to define the next trend. A downside move could lead to $3,180, while an upside break may push prices towards $3,450.
Silver is expected to remain within the $32–$34 band. On the MCX, gold could trade between ₹92,800–₹96,600, while silver may range between ₹94,900–₹99,900 in the coming week.
CA Surendra Mehta, National Secy, IBJA
Spot Gold and Silver Range Prediction from 02/06/2025 to 06/06/2025 is as under.
Gold Spot : 3204$-3367$
Gold INR : 93400-98150
Silver Spot: 32.04$-33.97$
Silver INR: 94200-99850
Big Events of the Week (June 2–6, 2025)
Monday, June 2, 2025 – United States
- 05:30 AM – Fed Waller Speech
- 07:30 PM – ISM Manufacturing PMI (May)
- 07:45 PM – Fed Logan Speech
Tuesday, June 3, 2025 – United States
- 07:30 PM – JOLTs Job Openings (April)
- 07:30 PM – Factory Orders MoM (April)
Tuesday, June 3, 2025 – Euro Area
- 02:30 PM – Inflation Rate YoY Flash (May)
Wednesday, June 4, 2025 – United States
- 01:00 AM – Fed Logan Speech
- 05:45 PM – ADP Employment Change (May)
- 07:15 PM – S&P Global Composite PMI Final (May)
- 07:30 PM – ISM Services PMI (May)
Thursday, June 5, 2025 – United States
- 06:00 PM – Exports (April), Imports
- 06:00 PM – Nonfarm Productivity QoQ Final (Q1)
Thursday, June 5, 2025 – Euro Area
- 05:45 PM – ECB Interest Rate Decision
- 06:15 PM – ECB Press Conference
Friday, June 6, 2025 – United States
- 06:00 PM – Non-Farm Payrolls (May)
- 06:00 PM – Unemployment Rate (May)
Other Big Events to Watch
- Trump Statement on China
- Trump Statement on Tariffs
- Russia–Ukraine Developments
- Israel–Hamas Ceasefire News
- Iran–US Nuclear Talks
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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.
