Gold prices opened lower while silver remained flat in early Monday trading. Gold continues to hover above the $3,300 mark amid global market uncertainties.
President Donald Trump’s administration announced plans to ease the impact of automotive tariffs by reducing duties on foreign parts used in domestically manufactured vehicles. Additionally, efforts will be made to prevent compounded tariffs on fully imported cars, officials said.
“President Trump is building an important partnership with both the domestic automakers and our great American workers,” Commerce Secretary Howard Lutnick said in a statement provided by the White House.
Meanwhile, China has once again denied that it is engaged in trade negotiations with Washington, even as President Trump and his aides suggest talks are underway. Business owners and market analysts warn that the ongoing tariff battle is pushing prices higher, leading to expected product shortages and store closures.
Adding to global economic concerns, Chinese President Xi Jinping is set to visit Shanghai this week, according to sources, amid escalating pressure from the U.S.-China trade war.
In geopolitical developments, Pakistan’s minister warned of an “immediate threat” of war with India, further fueling market risk sentiment.
China Gold Consumption Declines in Q1
According to the China Gold Association, the country’s gold consumption fell by 5.96% in the first quarter, totaling 290,492 metric tons.
- Domestic mined gold output reached 87.243 tons, a 1.49% year-on-year increase.
- Gold ETF holdings in China surged by 23.47 tons during Q1, a sharp 327.73% year-on-year rise.
Precious Metals Market Update
On Monday, international markets saw gold and silver prices closing positively.
- Gold June futures settled at $3,347.70 per troy ounce, up 1.50%.
- Silver May futures settled unchanged at $33.01 per troy ounce.
In domestic markets, despite a stronger rupee, precious metals closed on a positive note:
- Gold June futures settled at ₹96,025 per 10 grams, up 1.09%.
- Silver May futures settled at ₹96,464 per kilogram, up 0.02%.
Gold and silver initially extended losses during Monday’s early session, weighed by China’s declining gold consumption. However, prices rebounded strongly in the evening session amid rising risk aversion and profit-taking in the dollar index. Heightened tensions between India and Pakistan following a recent terror attack in Jammu & Kashmir, as well as an attack on Iran’s port city that resulted in 70 fatalities, further boosted safe-haven buying.
Market Outlook
Manoj Kumar Jain expects volatility in gold and silver to continue this week, driven by dollar index fluctuations and upcoming key U.S. economic data.
- Gold prices are expected to hold the $3,200 support level on a weekly closing basis, while silver is likely to maintain support at $31.40 per troy ounce.
- For today’s session, gold has support at $3,320–3,288 and resistance at $3,370–3,400 per troy ounce.
- Silver has support at $32.66–32.30 and resistance at $33.30–33.70 per troy ounce.
In the domestic market (MCX):
- Gold has support at ₹95,350–₹94,600 and resistance at ₹96,650–₹97,280.
- Silver has support at ₹95,800–₹95,150 and resistance at ₹96,950–₹97,700.
Jain advises investors to wait for more stability before initiating fresh positions in gold and silver.
Technical View: Kedia Commodity
According to Kedia Commodity analysts:
- Gold is witnessing fresh buying interest, with a 2.75% rise in open interest to 17,848 contracts. Support is at ₹94,750, and a break below could lead to a test of ₹93,475. Resistance is seen at ₹96,695, with a potential move toward ₹97,365.
- Silver also shows renewed buying interest, with open interest surging 17.06% to 11,442 contracts. Silver prices gained ₹41, finding support at ₹96,990 and resistance at ₹96,275. A break above 98140 could push prices further toward ₹98,575.
Big Events of the Week
Tuesday, April 29, 2025 — United States
- 07:30 PM — JOLTs Job Openings (March)
- 07:30 PM — CB Consumer Confidence (April)
Wednesday, April 30, 2025
United States
- 05:45 PM — ADP Employment Change (April)
- 06:00 PM — GDP Growth Rate QoQ Advance (Q1)
- 07:30 PM — Core PCE Price Index MoM (March)
- 07:30 PM — Personal Income MoM (March)
China
- 07:00 AM — NBS Manufacturing PMI (April)
Euro Area
- 02:30 PM — GDP Growth Rate QoQ Flash Estimate (Q1)
Thursday, May 1, 2025
United States
- 06:00 PM — Initial Jobless Claims (Week Ending April 26)
- 07:30 PM — ISM Manufacturing PMI (April)
Japan
- 08:30 AM — Bank of Japan (BoJ) Interest Rate Decision
Friday, May 2, 2025
United States
- 06:00 PM — Non-Farm Payrolls (April)
- 06:00 PM — Unemployment Rate (April)
- 07:30 PM — Factory Orders MoM (March)
Euro Area
- 02:30 PM — Inflation Rate YoY Flash Estimate (April)
Friday, May 9, 2025 — China
- 08:30 AM — Exports YoY (April)
- 08:30 AM — Imports YoY (April)
Saturday, May 10, 2025 — China
- 07:00 AM — Inflation Rate YoY (April)
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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.
