Gold prices today
In international markets, spot gold hovered flat at $3,297.19 per ounce as of 0413 GMT. US gold futures dipped 0.1% to $3,296 per ounce.
This follows a steep 1% drop on Tuesday (May 27).
In India, gold prices also held steady:
- 24 karat (10 grams): ₹97,480
- 22 karat (10 grams): ₹89,350
- 18 karat (10 grams): ₹73,110
(Source: GoodReturns)
What’s driving prices?
US President Donald Trump’s decision to postpone 50% tariffs on European goods until July 9 brought relief to global markets. That pushed investor appetite toward riskier assets and capped gold’s upside.
“Gold’s dip below $3,300 per ounce saw it attracting some buyers. But the broader market feels upbeat with the easing US-EU tensions,” said Tim Waterer, Chief Market Analyst at KCM Trade.
Gold may trade between $3,275–$3,375 per ounce, or ₹95,000–₹96,500 per 10 grams in India. A breakout could push prices 2–3% in either direction, analysts said.
“Gold prices are trending lower as investor sentiment shifts toward risk assets,” said Aksha Kamboj, Vice President, India Bullion and Jewellers Association.
“However, concerns over the US economy, the Fed’s future rate strategy, and the ongoing Russia-Ukraine conflict could support prices in the near term,” he said.
What’s happening with the rupee?
The Indian rupee has remained relatively stable this week, supported by inflows from equity markets and easing global risks. However, a stronger US dollar and rising oil prices could limit gains.
A weaker rupee typically makes imported gold costlier for Indian buyers.
Macro watch: US data in focus
The US Fed has kept interest rates steady at 4.25%–4.50% since December 2024. But traders now expect a 50 basis point cut by end-2025, as per money market pricing.
This week’s key trigger is the US Core PCE inflation data, due Friday (May 30). The report could guide the Fed’s next move.
“Decisive moves in gold may need to wait for the PCE data and Nvidia earnings,” Waterer added.
Adding to the uncertainty, US consumer confidence rebounded in May and durable goods orders slipped, underscoring mixed signals from the world’s largest economy.
China’s net gold imports via Hong Kong also surged in April, signaling strong demand from Asia.
Should you invest in gold now?
Gold’s long-term appeal as a hedge remains intact. With global uncertainties, central bank decisions, and geopolitical risks still in play, gold continues to offer a safety net.
Short-term traders may watch for a breakout above ₹96,500 per ounce or breakdown below ₹95,000 per ounce for signals. Long-term investors can consider staggered buying, especially if prices dip further.
