Gold continues to trade above the $3,200 mark amid global economic uncertainty, with the Trump administration now facing legal challenges over its aggressive tariff policies. On Monday, the nonpartisan Liberty Justice Center filed a lawsuit in the U.S. Court of International Trade, arguing that President Donald Trump exceeded his authority by imposing sweeping tariffs on several foreign trading partners.
The case was filed on behalf of five small U.S. businesses—including a New York wine importer and a Virginia-based educational products firm—targeting the administration’s recent “Liberation Day” tariffs imposed on April 2, along with earlier duties on Chinese imports.
Traders are bracing for a crucial week as Federal Reserve Chair Jerome Powell is scheduled to speak on Wednesday, potentially offering fresh insights into the U.S. interest rate outlook. Meanwhile, both the European Central Bank (ECB) and the People’s Bank of China (PBOC) are set to announce their key interest rate decisions, which could influence global market sentiment.
Adding to the week’s volatility, global markets — including India and the U.S. — will remain closed on Friday in observance of Good Friday, making it a shortened trading week for investors.
Meanwhile, China responded by tightening its grip on strategic resources. On April 4, Beijing announced export restrictions on six heavy rare earth metals and rare earth magnets—materials critical to electric vehicles, defense systems, drones, AI chips, and other advanced technologies. These exports will now require special licenses, intensifying the ongoing U.S.-China trade tensions.
Gold and Silver Price Update
Precious metals traded mixed on Monday as the U.S. opted for a 90-day hold on reciprocal tariffs. Gold June futures settled at $3,226.30/oz, down 0.56%, while silver May futures closed at $32.168/oz, up 0.71%.
In India, gold June futures ended at ₹93,253 per 10 grams, down 0.53%, and silver May futures closed at ₹94,870/kg, gaining 0.62%.
While gold saw profit booking near record highs, silver prices remained buoyed by gains in global equities and industrial metals. Continued concerns over U.S. bond markets, China’s threat to offload U.S. treasuries, and a weaker dollar index—which hit a two-year low—are all expected to keep precious metals supported.
Outlook and Key Levels
According to Manoj Kumar Jain, Director at Prithvi Finmart, volatility is likely to persist due to fluctuating dollar index levels and the deepening U.S.-China trade conflict. He predicts gold could hold support at $3,072/oz and silver at $29.88/oz. For today’s session:
- Gold has support at $3,200–$3,184 and resistance at $3,244–$3,268.
- Silver is supported at $31.80–$31.40 and faces resistance at $32.50–$32.84.
- On MCX, gold support lies at ₹92,770–₹92,220, resistance at ₹93,660–₹94,000.
- Silver support is at ₹94,000–₹93,350, with resistance between ₹95,500–₹96,650.
Jain recommends buying silver around ₹94,000 with a stop loss of ₹93,220 for a target of ₹95,500
Key Global Economic Events: Week of April 14–20, 2025
United States
Tuesday, April 15
5:10 AM – Speech by Fed’s Bostic
6:00 PM – Export Prices YoY (March)
6:00 PM – Import Prices YoY (March)
Wednesday, April 16
6:00 PM – Retail Sales MoM (March)
6:45 PM – Industrial Production MoM (March)
6:45 PM – Manufacturing Production MoM (March)
11:00 PM – Fed Chair Jerome Powell Speech
Thursday, April 17
6:00 PM – Building Permits (Preliminary – March)
6:00 PM – Initial Jobless Claims (Week ending April 12)
Friday, April 18 (Good Friday Holiday for Indian and US Market)
2:00 AM – Fed Balance Sheet (April 16)
8:30 PM – Speech by Fed’s Mary Daly
Euro Area
Tuesday, April 15
2:30 PM – Industrial Production MoM (February)
Wednesday, April 16
2:30 PM – Final Inflation Rate MoM (March)
Thursday, April 17
5:45 PM – ECB Interest Rate Decision
China
Wednesday, April 16
7:30 AM – GDP Growth Rate YoY
7:30 AM – Industrial Production YoY
Sunday, April 20
6:45 AM – 1-Year Loan Prime Rate
6:45 AM – 5-Year Loan Prime Rate
Japan
Friday, April 18
5:00 AM – Inflation Rate YoY (March)
United Kingdom
Wednesday, April 16
11:30 AM – Inflation Rate YoY (March)
Other Major Developments to Watch
Trump’s statement on upcoming tariff policy
Updates on Russia–Ukraine peace talks
Potential Iran-related geopolitical announcements
Key developments in the ongoing U.S.–China trade war
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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.
