Gold Price Today News, Silver Prices: Gold and silver prices are trading steady in early Thursday trade as investors await the European Central Bank’s (ECB) interest rate decision later today. The ECB is widely expected to reduce its deposit facility rate by 25 basis points to 2% — a sharp fall from its peak of 4% in mid-2023.
As per Indian Standard Time, the ECB will announce its rate decision at 5:45 PM, followed by a press conference at 6:15 PM. Market confidence in a rate cut remains strong, with LSEG data assigning a 99% probability to the move. However, uncertainty surrounds the ECB’s forward guidance as the eurozone faces a fragile economic recovery and persistent inflationary pressures.
Geopolitical Risks Return to Forefront
Geopolitical tensions also added to market caution. U.S. President Donald Trump revealed that Russian President Vladimir Putin, during a phone call on Wednesday, warned of a response to recent Ukrainian drone strikes.
“We discussed the attack on Russia’s docked airplanes, by Ukraine, and also various other attacks that have been taking place by both sides,” Trump said in a social media post. Putin “did say, and very strongly, that he will have to respond to the recent attack on the airfields,” he added. Trump described the exchange as “a good conversation, but not a conversation that will lead to immediate peace.”
Macro Tailwinds Could Push Gold Toward $4,000
Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted that gold has broken above the downtrend that followed April’s all-time high of $3,500 per ounce. He highlighted that the former resistance at $3,325 has now turned into a support level.
“Additional layers of support are seen at $3,280 and the 55-day moving average at $3,223,” Hansen said. While he held back from predicting an immediate rally to new highs, he stressed that broader macro conditions are becoming increasingly favourable for precious metals.
“A potent mix of post-stimulus fiscal drag, tariff-induced supply shocks, waning consumer confidence, a weakening labour market, and deteriorating real spending power may soon warrant a dovish and potentially stronger-than-expected policy pivot from the Federal Reserve, potentially then sending bullion prices higher towards USD 4,000,” Hansen noted.
Silver Technicals Point to Further Upside
On silver, Hansen observed that the metal recently approached the October 2023 high of USD 34.90—a 12-year peak—before modest profit-taking set in.
“Importantly, the pullback has yet to challenge the newly established support at USD 33.68, preserving the potential for additional near-term upside,” he said.
He added that silver maintains a bullish outlook as long as it holds above $33.68. “A decisive break above the October high at USD 34.90, followed by USD 35.20—the 61.8% Fibonacci retracement of silver’s steep decline from its 2011 high near USD 50 to the 2020 low at USD 11.64—would signal fresh momentum,” Hansen concluded.
Domestic Outlook: Gold, Silver Range-Bound with Key Levels in Focus
According to Kedia Commodity, gold has immediate support at ₹97,945, with a deeper correction possibly taking it to ₹97,310 if bearish momentum builds. On the upside, resistance is seen at ₹98,950, and a breakout could push prices up to ₹99,320. Silver prices are supported at ₹100,845, with further downside likely to test ₹100,310. Resistance lies at ₹101,790, and a move above this level may open the way to ₹102,200.
Kedia Commodity Currency Update as on Thursday, 5 June 2025
USDINR trading range for the day is 84.12-89.24.
EURINR trading range for the day is 97.51-98.41.
GBPINR trading range for the day is 115.78-116.72.
JPYINR trading range for the day is 59.5-60.32.
SMC Global Gold silver prediction
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Big Events of The Week
Monday, June 2, 2025 – United States
05:30 AM – Fed Waller Speech07:30 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 Speech05:45 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.
