This price increase comes just ahead of the US non-farm payrolls report, which is expected to provide further clues about the Federal Reserve’s policy direction.
Global market trends
Spot gold saw a 0.5% uptick, reaching $3,256.51 per ounce as of 03:56 GMT.
After a decline to its lowest point since mid-April, gold has lost almost 2% this week—its largest drop since February. US gold futures rose 1.3% to $3,265.10.
Gold’s performance remains closely tied to global economic factors.
As the US and China appear more open to de-escalating trade tensions, the metal’s demand as a hedge against political instability remains robust. Despite easing tensions, gold’s role as a safeguard continues to make it an attractive investment.
India’s gold market update
In India, the price of 24-karat gold has decreased by ₹22, standing at ₹9,510 per gram as of May 2, 2025. Similarly, 22-karat gold is priced at ₹8,755 per gram, a reduction of ₹20 from the previous day, according to Goodreturns.
Despite the dip, gold remains a preferred investment option, especially as uncertainties persist in the global market. “
Every price correction in gold is seen as a buying opportunity,” said Soni Kumari, ANZ Commodity Strategist.
She also highlighted that if prices decline further towards the $3,000 per ounce mark, significant investment demand could follow.
Key factors driving the gold market
Augmont, a gold and silver investment platform, highlights that gold prices have been influenced by multiple global factors, including trade tensions, economic data, and shifts in market sentiment.
Augmont notes that despite the easing of trade tensions, global uncertainties, such as inflation concerns, ongoing geopolitical risks, and shifting economic policies, keep gold in demand.
The firm emphasises that every price dip in gold is considered a potential buying opportunity for investors looking to hedge against volatility.
Moreover, Augmont anticipates that gold prices could rebound if the US non-farm payrolls report, set to be released later today, shows weaker-than-expected job gains.
Investment outlook and technical analysis
Gold’s technical outlook shows that prices have retraced about 50% of their rally from $2,970 to $3,509 per ounce.
Experts anticipate some consolidation or slight bearishness, with price levels potentially approaching $3,200 per ounce, equivalent to ₹92,000 per 10 grams in India.
–With Reuters inputs
