Gold Price Prediction: Will Gold Hit Rs 1,10,000 Per 10 grams? Here's What Experts Say
Gold and silver saw sharp volatility on Thursday, initially falling after a US Federal Court blocked Trump's tariff plan; Good time to invest?
Gold Price Prediction: Investors booked profits in gold on Friday, May 30, as June MCX gold futures opened lower by Rs 592, or 0.62%, at Rs 94,797 per 10 grams, amid concerns about Trump-era tariffs and volatile trade. This was despite supportive preliminary GDP data showing an economic contraction, which had earlier boosted gold's safe-haven appeal.
Analysts remain bullish on gold, projecting a potential rise to Rs 1,10,000 per 10 grams within a year, citing gold's consistent track record of delivering solid long-term returns.
On Thursday, gold and silver futures closed higher in domestic and global markets. Gold June futures settled at Rs 95,389/10g with a 0.12% gain, and silver July futures at Rs 97,826/kg, up 0.59%.
However, on Friday, silver July futures at MCX also opened lower by Rs 884, or 0.9%, at Rs 96,942/kg.
Gold and silver saw sharp volatility on Thursday, initially falling after a US Federal Court blocked Trump's tariff plan. However, prices recovered after President Trump announced plans to appeal the ruling. Meanwhile, the dollar index slipped as US jobless claims rose more than expected, lending support to bullion prices.
Currently, the US Dollar Index (DXY) is hovering near 99.44, up 0.16%.
US jobless claims increased last week to 240,000, higher than expectations of 229,000. Preliminary GDP data also signaled contraction, adding to gold's safe-haven demand.
Manoj Kumar Jain of Prithvifinmart Commodity Research expects gold and silver prices to remain volatile, driven by dollar index fluctuations, geopolitical tensions, and key US data releases. 'Gold could hold support at $3,250/oz and silver at $32.80/oz on a weekly closing basis," he said.
Rahul Kalantri, VP Commodities at Mehta Equities Ltd., noted that while gold plunged initially after the US court ruling, prices bounced back amid growing economic concerns. 'Gold has support at $3,274-3,255 and resistance at $3,322-3,340; silver's support is at $32.82-32.65 and resistance at $33.35-33.55," Kalantri said. In INR terms, gold has support at Rs 94,910-94,580 and resistance at Rs 95,750-95,940. Silver's support is at Rs 96,480-95,750, with resistance at Rs 97,950-98,750.
Trading Strategy
Manoj Kumar Jain suggests:
Gold price prediction
Angel One expects gold to continue delivering strong returns, projecting a price of $4,000/oz internationally and Rs 1,10,000/10g domestically within a year. They suggest accumulating around Rs 85,000/10g for long-term investment.
First Published:
May 30, 2025, 14:06 IST
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