Comex Gold prices opened positively today, but slide below $3,350 mark in the spot market. Silver, meanwhile, remained flat. But as soon as the news came China considering to reduce the tariff gold prices slide. According to Bloomberg, Beijing is weighing a temporary halt to its 125% surcharge on certain U.S. imports, as the escalating tit-for-tat tariffs have begun to strain key sectors. Officials are reportedly considering lifting the extra duties on medical equipment and industrial chemicals such as ethane, sources familiar with the deliberations told the news service.
U.S. President Donald Trump pushed back against Beijing’s denial of trade negotiations, telling reporters, “They had a meeting this morning … It doesn’t matter who ‘they’ is. We may reveal it later, but they had meetings this morning, and we’ve been meeting with China.” This follows China’s call to abolish “unilateral” tariff measures for resolving trade issues.
Market watchers are also eyeing rising India–Pakistan tensions, adding another layer of uncertainty for investors.
In Europe, Russia launched its largest missile-and-drone barrage on Kyiv this year, killing at least 12 people. President Trump issued a rare public rebuke to Vladimir Putin: “Vladimir, STOP!” The U.S. is demanding that Russia recognize Ukraine’s right to develop its own army and defense industry as part of any peace agreement.
Separately, six Reuters sources report that the U.S. is poised to offer Saudi Arabia an arms package worth over $100 billion during President Trump’s May visit to the kingdom.
Futures Settlements & Volatility
On Thursday:
- Gold June futures settled at $3,348.60 per troy ounce, up 1.66%.
- Silver May futures closed at $33.503 per troy ounce, down 0.13%.
In India:
- Gold June (MCX) rose 1.26% to ₹95,912 per 10 g.
- Silver May (MCX) fell 0.29% to ₹97,511 per kg.
After Wednesday’s sharp sell-off, gold staged a strong pullback, once again breaching $3,300 as investors bought dips following a surprise rise in U.S. jobless claims (222,000 vs. 215,000 previously) and signs that China may soon roll out fresh economic stimulus. Existing home sales also surprised to the downside, dropping to 4.02 million units from 4.27 million, underpinning safe-haven demand for gold. A rebound in the dollar index and hopes for resuming U.S.–China tariff talks could, however, cap further gains.
Technical Outlook
Manoj Kumar Jain, Director at Prithvi Finmart, remains cautious:
“We expect gold and silver prices to remain volatile in today’s session amid volatility in the dollar index and the US-China trade war; gold prices could hold its support level of $3,200 and silver prices could also hold $29.88 per troy ounce levels. Gold has support at $3,310–3,284, while resistance lies at $3,374–3,400 per troy ounce, and silver has support at $33.20–32.84, with resistance at $33.88–34.40 per troy ounce.”
On India’s MCX:
“Gold is having support at ₹95,250–94,400 and resistance at ₹96,600–97,280, while silver has support at ₹96,850–96,200 and resistance at ₹98,200–99,100. Booking profits on long gold positions is advisable, but silver can be bought around ₹97,000 with a stop-loss at ₹96,400 for a target of ₹98,200.”
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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.
