Gold Price Today News: Global tensions spiked over the weekend as Russia launched its largest aerial assault on Ukraine, while Israel intensified strikes on Gaza. These developments are expected to influence global market sentiment, especially with the U.S. markets closed on Monday for Memorial Day. Traders and investors are advised to closely monitor activity in the London and Indian markets. The big question this week is will gold break above $3,400.
Russia Unleashes Massive Air Assault on Ukraine
In a dramatic escalation, Russian forces fired 367 drones and missiles in a coordinated overnight attack on several Ukrainian cities, including Kyiv. Ukrainian authorities confirmed at least 12 deaths and dozens of injuries, calling it the largest aerial attack since the war began.
Zelenskiy Urges Stronger U.S. Response
Ukrainian President Volodymyr Zelenskiy has urged the United States to adopt a more aggressive stance against Russia and its President Vladimir Putin, amid growing devastation and mounting civilian casualties.
Israel Steps Up Airstrikes in Gaza
At least 23 Palestinians, including a journalist and a senior emergency services official, were killed in Israeli airstrikes across the Gaza Strip on Sunday, according to local health authorities. Strikes were reported in Khan Younis, Jabalia, and Nuseirat, further escalating tensions in the region.
Precious Metals Surge on Safe-Haven Buying
Gold and silver ended last week on a strong note, buoyed by geopolitical uncertainty and safe-haven demand. On Friday, gold June futures settled at $3,365.80 per troy ounce, up 2.15%, while silver July futures closed at $33.609, up 1.17%. In the domestic market, gold ended at Rs96,421 per 10 grams (up 0.93%) and silver at Rs98,054 per kg (up 0.26%). The surge came after the U.S. President threatened to impose a 25% tariff on Apple phones not made in the U.S., and warned of a 50% tariff on EU imports starting June 1, citing stalled trade negotiations.
Market Outlook by Prithvi Finmart
According to Manoj Kumar Jain of Prithvi Finmart, both gold and silver are expected to remain volatile this week due to fluctuations in the dollar index, global bond yields, and geopolitical developments. Gold may hold a weekly support of $3,200, with technical support at $3,334–$3,310 and resistance at $3,384–$3,508 per troy ounce. Silver has support at $33.30–$33.00 and resistance at $33.88–$34.20.
Domestic Range and Trading Strategy
On the MCX, gold has support at Rs95,800–95,250 and resistance at Rs96,950–97,500. Silver is expected to trade between Rs97,250–96,600 on the downside and Rs98,850–99,600 on the upside. Jain suggests a buy-on-dips strategy, given the prevailing positive momentum. The anticipated trading range for the session is Rs95,800–97,500 for gold and Rs96,650–99,600 for silver.
Currency Market Outlook
In the currency market, Jain observes that the USD/INR pair is trading below the key support level of 85.4800, with broader movement expected in the 84.2000–86.5500 range this week. Immediate support is seen at 85.0500–84.7400, while resistance is positioned at 85.6600–86.0500.
JM Financial Outlook on Gold and Silver Prices
Gold prices have experienced significant volatility over the past four trading weeks, with swings ranging between 3% to 5% on a closing basis. The current trend appears sideways to slightly bullish, with key resistance at ₹96,550. A sustained move above this level could open the path toward ₹99,000 and ₹99,800. However, if prices fail to hold above ₹96,550, a pullback toward ₹95,200 or even ₹94,000 cannot be ruled out.
Silver remains in a sideways to positive trend. Key support levels are seen at ₹94,800 and ₹93,200. On the upside, prices could potentially test resistance levels at ₹1,03,000 and ₹1,04,000.
SMC Global Outlook on Gold and Silver Prices
Looking ahead, upcoming U.S. trade deals are expected to play a key role in shaping gold price trends. In addition, the ongoing fragility in the global bond market continues to act as a supportive factor for gold, helping to limit downside risks.
On the technical front, COMEX gold faces resistance near $3,420, with support around $3,280. Silver is likely to trade within a range of $31.80 to $34.60.
In the domestic market, MCX gold is expected to move with a sideways to positive bias. Key support is seen at ₹92,500, while resistance is pegged at ₹98,500. For silver, prices may fluctuate between ₹94,500 and ₹1,02,500 in the coming week.
Big Events of the Week – May 26 to May 31, 2025
Monday, May 26, 2025
US Market Holiday – Memorial Day
12:10 AM – US: Fed Chair Powell Speech
06:50 PM – EA: ECB President Lagarde Speech
Tuesday, May 27, 2025
07:30 PM – US: CB Consumer Confidence (May)
Wednesday, May 28, 2025
05:30 AM – US: Fed Williams Speech
07:30 PM – US: Richmond Fed Manufacturing Index (May)
11:30 PM – US: FOMC Minutes
Thursday, May 29, 2025
06:00 PM – US: GDP Growth Rate QoQ 2nd Est (Q1)
06:00 PM – US: Initial Jobless Claims
06:00 PM – US: Core PCE Prices QoQ 2nd Est (Q1)
Friday, May 30, 2025
01:30 AM – US: Fed Daly Speech
06:00 PM – US: Core PCE Price Index MoM (Apr)
06:00 PM – US: Personal Income MoM (Apr)
07:30 PM – US: Michigan Consumer Sentiment Final (May)
09:50 PM – US: Fed Bostic Speech
Saturday, May 31, 2025
05:00 AM – US: Fed Goolsbee Speech
Other Key Events
– Trump Statement
– Russia–Ukraine Tension
– Middle East Tension
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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.
