Gold and silver prices have shown varied movements on May 8, 2025. On the Multi Commodity Exchange (MCX), gold futures for June delivery experienced a drop of 1.29 per cent, equivalent to Rs 1253, settling at Rs 97,323 per 10 grams. In contrast, silver futures for May delivery saw an increase of 0.38 per cent, or Rs 367, closing at Rs 96,100 per kilogram. Globally, gold prices rose as investors sought safety amid concerns raised by the U.S. Federal Reserve regarding higher inflation and a weakening labor market. Spot gold was up 1.4 per cent at $3,409.76 an ounce, while U.S. gold futures gained 0.7 per cent to $3,416.70 per ounce.

According to Kyle Rodda, a financial market analyst at Capital.com, the Federal Reserve’s cautious approach and ongoing trade uncertainties with China are driving demand for safe-haven assets like gold. Slowing U.S. growth and discussions around "de-dollarisation" are also contributing to gold's appeal. The Federal Reserve has maintained steady interest rates but has warned of an increasingly uncertain outlook due to inflationary pressures and geopolitical tensions. Federal Reserve Chair Jerome Powell has indicated uncertainty about the U.S. economy's ability to sustain its current growth amid these challenges. U.S. and Chinese officials are scheduled to hold trade talks in Switzerland.

In the international precious metals market, silver rose 1.1 per cent to $32.82 an ounce. Platinum gained 0.8 per cent to reach $982.05, while palladium remained steady at $971.95. The increase in bullion value is occurring amidst economic challenges and heightened geopolitical tensions in South Asia, with India conducting strikes in Pakistan and Pakistan-administered Kashmir following civilian deaths in Kashmir. Pakistan has claimed to have downed five Indian jets, escalating global risk sentiment. Gold, typically seen as a non-yielding asset, tends to perform well during economic or political instability and in low-interest-rate environments.

MCX Gold has shown a strong bullish trend, characterized by higher highs and higher lows, which indicates sustained buying interest and positive momentum. After reaching an all-time high near ₹99,700, the price corrected by about 8%, pulling back to ₹92,000 levels. This correction provided a base for the next uptrend. Currently trading at ₹97,200, MCX Gold is expected to retest the previous high of ₹99,700. The overall trend remains intact, supported by global uncertainties, central bank demand, and a softer dollar outlook. Nuvama Professional Clients Group suggests investors consider long positions at current levels, targeting ₹99,700, with a stop loss at ₹96,000.

MCX Silver has displayed resilience after bouncing from the 38.2% Fibonacci retracement level. This retracement allowed consolidation before resuming upward momentum. Silver is approaching its previous swing high, with expectations to retest and potentially surpass it. A breakout above 98,800 could trigger further upside towards 1,00,000. Nuvama Professional Clients Group has a target of ₹1,00,000 with a stop-loss at ₹93,700.

Gold prices in India experienced a slight dip despite global gains driven by the U.S. Federal Reserve's concerns. Investors are cautious before U.S.-China trade talks. Domestic gold futures traded lower, while spot gold saw gains. June gold futures on the MCX were trading at Rs 96,981 per 10 grams, down Rs 109. July silver futures rose sharply by Rs 479 to Rs 96,212 per kg. Globally, spot gold rose 1.4% to $3,409.76 an ounce, and U.S. gold futures gained 0.7% to $3,416.70.

Axis Securities notes that gold regained ground amid caution surrounding U.S.-China trade negotiations. The overall trend looks bullish, with prices trading above the 9 EMA on the daily chart. Investors are awaiting jobless claims data. Technically, Rahul Kalantri of Mehta Equities identifies key support and resistance levels for gold and silver in both USD and INR terms.

Retail Gold Prices Across Major Indian Cities (May 8, 2025): In Mumbai, both 24-karat gold stood at Rs 9,901 per gram, while 22-karat gold was priced at Rs 9,076 per gram. In Delhi, 24K gold recorded at Rs 9,916 per gram, with 22K gold available at Rs 9,091 per gram. Gold rates in Chennai were slightly lower, with 24K gold at Rs 9901 per gram and 22K gold at Rs 9076 per gram. In Kolkata, 24-karat gold was priced at Rs 9901 per gram, and 22-karat gold was selling at Rs 9076 per gram. In Bengaluru, 24K gold trading at Rs 9901 per gram, while 22K gold was available at Rs 9901 per gram.