Gold Price Today News: Gold continues to trade above $3,350 per ounce and silver above $34, supported by global macroeconomic concerns and central bank activity. Analysts suggest that continued volatility in the U.S. dollar and geopolitical tensions are contributing to strong demand for precious metals as a safe-haven asset.
OECD Slashes Global and U.S. Growth Forecasts
The Organisation for Economic Co-operation and Development (OECD) has downgraded its economic forecasts, attributing slower growth to President Donald Trump’s escalating trade tariffs. The OECD now sees U.S. GDP expanding by just 1.6% in 2025 and 1.5% in 2026, sharply down from its earlier projection of 2.2%. “Global GDP growth is projected to slow from 3.3% in 2024 to 2.9% this year and in 2026 … on the technical assumption that tariff rates as of mid-May are sustained despite ongoing legal challenges,” the OECD stated.
This growing pessimism is rooted in mounting trade disputes and policy instability.
Motilal Oswal Reiterates Bullish Silver Outlook; Recommends Buy-on-Dips Strategy
Motilal Oswal Group maintains a positive medium to long-term outlook on silver, advising investors to accumulate on dips with a 12–15 month perspective. The firm highlights strong support in the ₹86,000–₹87,500 range on the domestic front, with price targets of ₹1,11,111 and ₹1,25,000.
On the international front, assuming USDINR at 86, Comex silver is seen heading towards $37.8 and $42.7. The brokerage notes that while the overall trend remains bullish, a potential global recession could temporarily pause the rally, though it would likely not derail the long-term momentum.
Central Bank Gold Buying Slows Amid Price Rally
Reported data shows global central banks purchased a net 12 tonnes of gold in April, marking a 12% decline from the previous month and well below the 12-month average of 28 tonnes. The slowdown may be attributed to the rapid rise in gold prices, which have recently broken several records.
While the Reserve Bank of India (RBI) did not increase its gold holdings in April, it provided updated storage details. According to its latest report, the RBI holds 512 tonnes (58%) of its total 880 tonnes domestically — a shift from 510 tonnes (60%) six months ago.
China’s Export Controls Threaten Global Auto Supply Chain
Global alarm is rising over China’s decision to restrict exports of rare earth elements and magnets, key to the automotive, aerospace, and tech industries. Automakers across the U.S., Europe, and Asia have warned that these controls could bring production to a halt.
Global auto executives are sounding the alarm on an impending shortage of rare-earth magnets from China – used in everything from windshield-wiper motors to anti-lock braking sensors – that could force the closure of car factories within weeks.
China dominates over 90% of the world’s magnet processing capacity, making global manufacturers heavily reliant on its supply.
Musk Slams Trump’s Tax Bill
Tesla CEO and Trump ally Elon Musk has delivered a sharp critique of the President’s signature tax plan, calling it a “budget-busting abomination.”
The tech titan’s public condemnation pits him against the president at a critical time as Trump is personally lobbying holdouts on the bill. The remarks could stiffen resistance and delay enactment of the tax cuts and debt ceiling increase.
Musk’s comments come as Republican fiscal hawks intensify their opposition, casting further doubt on the bill’s future.
Dollar Rebounds on Trade Hopes and Strong U.S. Data
The dollar index rebounded above the 99 mark on optimism around possible upcoming phone talks between President Trump and Chinese President Xi Jinping. Better-than-expected U.S. JOLTS job openings data also helped lift the dollar.
Meanwhile, U.S. equity markets rose amid reduced risk aversion. However, geopolitical uncertainties and ongoing central bank gold buying continue to underpin gold and silver prices.
Outlook: Gold and Silver Could Remain Volatile
Market expert Manoj Kumar Jain noted:
“Gold is trading near its resistance level of $3,414 and if prices cross and sustain above these levels could show further strength in the upcoming sessions. We expect gold and silver prices to remain volatile this week amid volatility in the dollar index, geo-political tensions and volatility in the global bond markets; gold prices could hold its support level of $3,240 per troy ounce and silver prices could also hold $32.40 per troy ounce levels on a weekly closing basis.”
Today’s key technical levels include:
Gold: Support at $3,355–$3,330 and resistance at $3,400–$3,414
Silver: Support at $34.30–$33.94 and resistance at $35.00–$35.35
MCX Gold: ₹97,220–₹96,850 (support) and ₹98,200–₹98,650 (resistance)
MCX Silver: ₹1,00,400–₹99,800 (support) and ₹1,02,400–₹1,03,760 (resistance)
Kedia Commodity on Technical Trends
Kedia Commodity also shared insights:
Gold: Undergoing long liquidation; support at ₹97,325 with a downside to ₹96,930. Resistance at ₹98,010, break above may lead to ₹98,300.
Silver: In short covering phase; support at ₹1,00,270 with a possible drop to ₹99,330. Resistance at ₹1,01,750 and breakout could test ₹1,02,290.
Augmont Technical Outlook
-Gold prices have broken the range of $3275(~Rs 95000) and $3375(~Rs 96400) on the upside. If this positive momentum continues, we are likely to see the price rise towards $3450 (~Rs 99000).
-Silver prices have broken the one-month range of $32.5(~Rs 96000) and $34(~Rs 99000), next resistance is $35 (~Rs 101,500).
Nirmal Bang Gold and Silver Prediction
Motilal Oswal Group Prediction
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 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.
