Gold and silver prices edged lower on Thursday, with COMEX gold futures slipping over $10, trading around $2,920 per troy ounce, while silver declined nearly 1%. Investors are now focused on the upcoming U.S. GDP data later today, while Friday’s PCE Price Index could set the tone for market direction in the coming sessions.
President Donald Trump announced on Wednesday that 25% tariffs on imports from Canada and Mexico will take effect on April 2, contradicting an earlier White House statement that the original March 4 deadline remains under review. The tariffs are tied to border security concerns, with Trump seeking action from Mexico and Canada to curb the flow of migrants and the opioid fentanyl into the U.S.
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The contradictory statements have added uncertainty to the trade landscape. During a cabinet meeting on Wednesday, when asked about the timeline, Trump stated April 2, while a White House official later clarified that March 4 was still in place “as of now”, pending further review. The administration has also confirmed a 25% tariff on European auto imports, further escalating global trade tensions. Meanwhile, the Senate has confirmed Jamieson Greer as the new U.S. Trade Representative, a key figure in ongoing negotiations.
Ukraine, U.S. Advance Resource Deal Amid Russia Ceasefire Talks
In a separate development, Ukraine has reached a preliminary agreement with the U.S. to jointly develop its vast natural resource reserves, a move seen as an effort to strengthen ties with Trump and bolster his administration’s push for a ceasefire with Russia. Sources familiar with the matter indicate that Ukraine’s cabinet is expected to approve the agreement on Wednesday, paving the way for President Volodymyr Zelensky’s visit to Washington on Friday to finalize the accord.
Zelensky, however, emphasized that the deal remains a “framework agreement”, and he intends to discuss broader U.S.-Ukraine relations in person with Trump. This agreement marks a significant shift, as Ukraine seeks greater U.S. support amid ongoing geopolitical instability.
On the market front, gold and silver rebounded strongly on Wednesday after a sharp sell-off in the previous session. The recovery came in response to disappointing U.S. housing data, which showed a 10% drop in new home sales for January. Market experts attribute the rebound to uncertainty in global financial markets due to trade tariff fears and a weakening rupee. However, a strengthening dollar index and renewed Russia-Ukraine ceasefire possibilities are limiting further gains.
Manoj Kumar Jain, Director in Prithvi Finmart says expect gold and silver prices to remain volatile this week amid volatility in the dollar index and the US trade war. Gold has support at $2914-2900, while resistance at $2944-2960 per troy ounce and silver has support at $32.00-31.66, while resistance is at $32.50-32.84 per troy ounce in today’s session. At MCX, gold is having support at 85600-85330 and resistance at 86150-86400 while silver is having support at 94000-93350 and resistance at 95000-95850. Jain suggest buying silver around 94200 with a stop loss of 93500 for the target of 95300.
Key Economic Events for the Week (February 24 – 28, 2025)
Thursday, February 27, 2025
07:00 PM – US GDP Growth Rate QoQ 2nd Est Q4
07:00 PM – US Initial Jobless Claims FEB/22
07:00 PM – US Core PCE Prices QoQ 2nd Est Q4
08:30 PM – US Fed Barr Speech
Friday, February 28, 2025
01:45 AM – US Fed Harker Speech
07:00 PM – US Core PCE Price Index MoM
07:00 PM – US Personal Income MoM JAN
07:00 PM – US PCE Price Index MoM JAN
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The information provided in this article is for informational purposes only and reflects the views of industry experts. Before making any investment decisions, it is recommended that you consult a financial advisor. The team at Gold Price Today does not engage in personal buying, selling, or trading of gold or silver on exchanges. We are not responsible for any gains or losses incurred based on the information presented here
