Gold Prices Today May 9, 2025: : Gold prices saw a marginal decline on Friday, May 9, 2025, as a stronger US Dollar Index and recent profit-taking by investors weighed on sentiment in both domestic and international markets. On the Multi Commodity Exchange (MCX), Gold June futures opened at ₹96,110 per 10 grams, down by ₹60 or 0.5%. Similarly, Silver July futures began trading lower at ₹95,834 per kilogram, a decrease of ₹425 or 0.39%.
This marks the second consecutive session of decline for precious metals in India, following Thursday’s negative close. Gold June futures had settled at ₹96,168 per 10 grams, while silver closed at ₹96,512 per kilogram after witnessing profit booking.
Key Factors Driving Gold Prices
The recent dip in gold and silver prices is largely attributed to global cues, particularly the rebound in the US Dollar Index (DXY), which gained 0.85% to reach 100.71. As gold is priced in dollars, a stronger dollar makes the metal more expensive for holders of other currencies, reducing demand and pressuring prices.
In the international market, spot gold dropped nearly 4% over the past two days, breaching crucial support levels. Prices fell to around $3,311 per ounce, triggering technical selling pressure, as noted by Rahul Kalantri, Vice President – Commodities at Mehta Equities.
According to Kalantri, the broader macroeconomic backdrop also played a role. Although the US Federal Reserve maintained current interest rates, Chair Jerome Powell’s cautious stance on future rate cuts boosted US Treasury yields, further undermining gold’s appeal as a non-interest-bearing asset.
Global Developments: A Mixed Impact
Apart from dollar strength, other international developments added complexity to the bullion market. The recent US-UK trade agreement improved investor appetite for risk, thereby reducing the safe-haven demand for gold.
However, the downside in gold prices was cushioned somewhat by continued central bank buying. Nations such as China, Poland, and the Czech Republic made significant gold purchases in April, reflecting strong long-term demand for the metal.
In addition, the Indian rupee’s weakness against the dollar provided some support to domestic bullion prices, partially offsetting global losses.
Technical Outlook
For MCX gold, support levels are seen at ₹95,550 and ₹94,980, while resistance is expected at ₹96,650 and ₹97,040. In silver, support lies between ₹95,380 and ₹94,550, with resistance pegged at ₹97,250–₹97,950.
Despite short-term declines, many analysts maintain a bullish medium-term outlook, citing geopolitical risks, inflation concerns, and sustained central bank demand as key drivers for gold.
Conclusion
Gold prices on May 9, 2025, reflect a delicate balance between bullish fundamentals and short-term profit-taking influenced by a stronger dollar. While global factors such as interest rates and trade agreements are creating headwinds, central bank buying and currency fluctuations continue to provide a floor for prices. Investors are advised to monitor key levels closely and stay updated on global economic cues.