Gold and silver prices saw fresh gains this week as global markets reacted to heightened trade tensions and a bullish long-term outlook for gold. The US government is set to impose a staggering 104% tariff on Chinese imports, a move likely to escalate the ongoing trade war and impact global financial markets. Major Event for the day is 11:30pm– FOMC Meeting Minutes (US).
The tariffs will take effect from midnight, according to U.S. Customs and Border Protection, which announced it is prepared to collect country-specific duties from 86 trade partners starting 12:01 a.m. ET. President Donald Trump, spearheading the tariff initiative, remarked, “China wants to make a deal, badly, but they don’t know how to get it started.”
The move has triggered global market volatility. The offshore yuan has plunged to record lows, and all eyes are now on how Beijing will respond. Meanwhile, the European Commission has signaled willingness to negotiate with the U.S. on tariffs while simultaneously preparing countermeasures.
Amid these developments, Deutsche Bank has significantly raised its gold price projections. The bank now expects gold to average $3,139 in 2025 and $3,700 in 2026, citing escalating geopolitical risks and economic uncertainty.
“We conclude that the bull case for gold remains strong despite this week’s correction and further upgrade our year-end (fourth quarter 2025) forecast to $3,350 per ounce,” Deutsche Bank said in a note released Monday.
Adding fuel to the rally, the World Gold Council reported the fourth consecutive month of global gold ETF inflows in March, with assets increasing by 92 tonnes to reach 3,445.3 tonnes. The total assets under management (AUM) surged to an all-time high of $345 billion, up 13% for the quarter.
However, India bucked the global trend, recording an outflow of 0.4 tonnes in March, marking the end of an 11-month inflow streak. AUM fell from 64.2 tonnes to 63.8 tonnes, possibly due to profit booking. Among the top 15 ETFs facing outflows were Nippon India ETF Gold BeES and Kotak Gold ETF, at the 8th and 9th spots respectively.
Market Update
In the international markets on Tuesday, Gold June futures settled at $2,990.20 per troy ounce, up 0.56%, and Silver May futures ended at $29.686, gaining 0.28%. In domestic trade, MCX Gold June closed at ₹87,648 per 10 grams, up 0.83%, and Silver May futures at ₹88,744 per kg, rising 0.56%.
Both metals witnessed heightened volatility amid short covering and bargain buying, but pulled back from day’s highs post the tariff announcement.
According to Manoj Kumar Jain, Director at Prithvi Finmart, gold and silver are expected to stay volatile this week due to the dollar index and trade war dynamics.
“Gold has support at $2,888 and silver at $28.00 per troy ounce. For today, gold has support at $2,972–2,940 and resistance at $3,022–3,050. Silver support lies at $29.20–28.80 and resistance at $30.00–30.45,” said Jain.
“On MCX, gold has support at ₹87,000–₹86,350 and resistance at ₹88,200–₹88,850, while silver’s support is at ₹87,700–₹86,650 and resistance at ₹89,500–₹90,400. We suggest selling gold near ₹88,100 with a stop loss of ₹88,650 for a target of ₹87,000,” he added.
As global markets digest the full impact of U.S. tariff policy and shifting geopolitical tides, gold’s safe-haven appeal looks set to remain strong—especially with leading banks like Deutsche Bank turning more bullish on its long-term prospects.
Kedia Commodity
Gold Support is pegged at ₹87,185, with a break below exposing ₹86,725. On the upside, resistance lies at ₹88,275, and a breakout above could test ₹88,905. Silver Support is seen at ₹87,915, with further downside potential to ₹87,090, while resistance is at ₹90,020, and a breakout could test ₹91,300.
IIDM Daily update
Key resistance is located at 2995 above which we can see an upside move towards 3010-3025. Crucial support is seen a 2965 below which a further dip towards 2950-2930 can be seen.
Wednesday, April 9
🕦 11:30 PM (US) – FOMC Meeting Minutes
Thursday, April 10
🇨🇳 07:00 AM (China) – Inflation Rate YoY (March)
🕕 06:00 PM (US) – Core Inflation Rate MoM (March)
🕕 06:00 PM (US) – Inflation Rate MoM (March)
🕕 06:00 PM (US) – Initial Jobless Claims (April)
Friday, April 11
🕕 06:00 PM (US) – PPI MoM (March)
🕕 06:00 PM (US) – Core PPI MoM (March)
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Disclaimer:
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.
