Gold and silver prices surged higher on Thursday, while the U.S. dollar index weakened to 104, extending its losing streak for the past week. Meanwhile, tensions between China and the U.S. escalated sharply as Beijing declared its readiness for “any type of war” amid rising economic and political pressure from President Donald Trump.
“If war is what the U.S. wants, be it a tariff war, a trade war, or any other type of war, we’re ready to fight till the end,” the Chinese Embassy in the U.S. stated in a post on X on Wednesday, signaling an aggressive stance. A Chinese foreign ministry spokesperson also dismissed U.S. fentanyl-related justifications for imposing tariffs as a “flimsy excuse.”
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“Intimidation does not scare us. Bullying does not work on us. Pressuring, coercion or threats are not the right way of dealing with China. Anyone using maximum pressure on China is picking the wrong guy and miscalculating. If the U.S. truly wants to solve the fentanyl issue, then the right thing to do is to consult with China by treating each other as equals.,” the spokesperson added.
ECB Decision in Focus
Markets are closely watching the European Central Bank (ECB) meeting today, with analysts expecting a sixth consecutive rate cut. The policy decision is scheduled for 6:45 PM IST.
Tariff Uncertainty Continues
On the trade front, President Trump has decided to delay auto tariffs on Canada and Mexico for another month and is considering agricultural exemptions for both countries.
Gold & Silver Market Update
On Wednesday, gold and silver prices settled positively in international markets. Gold April futures closed at $2,926.00 per troy ounce, up 0.18%, while silver May futures gained 2.33%, closing at $33.134 per troy ounce. In the domestic market, gold April futures fell 0.22% to ₹85,833 per 10 grams, while silver May futures rose 1.34% to ₹97,542 per kilogram due to a stronger rupee.
Weak U.S. employment data fueled demand for safe-haven assets. The U.S. ADP report showed only 77,000 new jobs in February, far below the expected 141,000 and significantly lower than the previous month’s 183,000, supporting gold and silver prices. The dollar index dropped to a five-month low, further boosting precious metals. Meanwhile, a stronger-than-expected ISM services PMI report supported silver prices.
However, rising U.S. bond yields and the possibility of a Russia-Ukraine peace deal could cap gains in the near term.
Market Outlook
Manoj Kumar Jain, Director at Prithvi Finmart, expects gold and silver to remain volatile this week due to fluctuations in the dollar index and ongoing U.S.-China trade tensions. He sees gold holding key support at $2,800 and silver at $29.80 per troy ounce on a weekly closing basis.
Gold Levels by Manoj Kumar Jain:
Support: $2,908–$2,892 | Resistance: $2,940–$2,955
MCX Support: ₹85,500–₹85,220 | Resistance: ₹86,080–₹86,360
Silver Levels y Manoj Kumar Jain::
Support: $32.80–$32.55 | Resistance: $33.40–$33.74
MCX Support: ₹96,800–₹96,150 | Resistance: ₹98,100–₹98,850
Jain suggests buying silver around ₹97,000 with a stop loss of ₹96,350 for a target of ₹98,400.
Big Events of The Week
Thursday, March 6, 2025
United States:
🔹 07:00 PM – Initial Jobless Claims (March 1)
Eurozone:
🔹 06:45 PM – ECB Interest Rate Decision
🔹 07:15 PM – ECB Press Conference
Friday, March 7, 2025
United States:
🔹 02:00 AM – Fed Waller Speech
🔹 07:00 PM – Non-Farm Payrolls (February)
🔹 07:00 PM – Unemployment Rate (February)
🔹 11:00 PM – Fed Chair Powell Speech
Eurozone:
🔹 03:30 PM – GDP Growth Rate QoQ (3rd Estimate, Q4)
Sunday, March 9, 2025
China:
🔹 07:00 AM – Inflation Rate YoY Final (February)
These key economic and geopolitical events will shape market sentiment and drive global financial trends throughout the week.
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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
