U.S. President Donald Trump is set to announce reciprocal tariffs tonight at 1:30 AM IST. The global market is on edge as nations await details of the tariff structure. Reports suggest the tariffs could be implemented at two levels—10% and 20%—based on a country’s tariff and non-tariff barriers on U.S. goods, rather than being commodity-specific. The highest tariff bracket is expected to be 20%.
Trump’s administration is still finalizing the specifics of the plan ahead of a Rose Garden event scheduled to coincide with the U.S. market close around 1.30PM IST. The White House has yet to confirm a final structure, with proposals under consideration including a tiered tariff system with flat rates or a more customized reciprocal strategy.
For Expert Views on Gold and Silver Prices Watch Our Youtube Channel- (15 Million Views)
Market Reaction and Gold Price Movement
Gold prices surged to an all-time high of $3,177 per troy ounce, but profit booking at elevated levels led to a pullback. Silver also corrected due to weakness in industrial metals and disappointing U.S. JOLTS job openings and ISM manufacturing PMI data. Despite short-term fluctuations, the bullish outlook for gold remains intact amid global uncertainty. Higher U.S. tariffs could slow global economic growth, further driving demand for safe-haven assets like gold and silver.
Expert Analysis and Technical Levels
Manoj Kumar Jain, Director at Prithvi Finmart, expects gold and silver prices to remain volatile due to fluctuations in the dollar index and trade tariff concerns. He projects gold and silver to hold key support levels at $3,040 and $32.40 per troy ounce, respectively, on a weekly closing basis.
- Gold Technical Levels:
- Support: $3,134–$3,115 per troy ounce
- Resistance: $3,177–$3,192 per troy ounce
- Silver Technical Levels:
- Support: $34.00–$33.74 per troy ounce
- Resistance: $34.64–$35.00 per troy ounce
On the MCX, gold has support at ₹90,440–₹90,100 and resistance at ₹91,150–₹91,500. Silver has support at ₹98,800–₹98,150 and resistance at ₹100,300–₹101,200. Jain suggests buying silver around ₹99,200, with a stop loss of ₹98,650 for a target of ₹100,300.
Market Sentiment and Forecasts
Kedia Commodity Report indicates that the market is witnessing short covering, with open interest declining by 2.77% to 18,549 contracts. Gold has immediate support at ₹90,380, with further downside potential to ₹89,890. On the upside, resistance is at ₹91,380, with a breakout likely to push prices towards ₹91,890.
For silver, the market is under long liquidation, with open interest falling by 6.02% to 19,363 contracts. Support is at ₹98,685, with further downside risk to ₹97,910. Resistance is seen at ₹100,605, and a breakout above this level could push prices to ₹101,750.
SMC Global projects gold trading in the range of ₹90,500–₹91,000, while silver is expected to move within ₹99,000–₹100,500, maintaining a sideways to bullish bias.
Investor anxiety has driven gold prices higher, as traders brace for Trump’s tariff announcement, which could escalate global trade tensions. Market uncertainty is further fueled by Trump’s characterization of the tariff decision as “Liberation Day.”
IIDM Update: Key Resistance and Support Levels
Spot gold, after reaching an all-time high of $3,149 per ounce, settled lower at $3,114 per ounce due to profit booking. Key resistance is seen at $3,125, and a breakout above could push prices towards $3,135–$3,150. Crucial support is at $3,100, with a break below likely leading to a decline towards $3,085–$3,080.
Upcoming Major Events Impacting Markets
Wednesday, April 2, 2025
- 1:30 AM IST – U.S. Tariff Announcement
- 5:45 PM IST – U.S. ADP Employment Change (March)
Thursday, April 3, 2025
- 2:00 AM IST – U.S. Fed Kugler Speech
- 6:00 PM IST – U.S. Initial Jobless Claims (March 29)
- 7:30 PM IST – U.S. ISM Services PMI (March)
Friday, April 4, 2025
- 6:00 PM IST – U.S. Non-Farm Payrolls (March)
- 6:00 PM IST – U.S. Unemployment Rate (March)
- 8:55 PM IST – Fed Chair Powell Speech
Other Key Developments to Watch
- Trump’s post-tariff statement
- Geopolitical updates on Iran
- Developments in the Russia-Ukraine conflict
- As markets brace for the upcoming tariff announcement, traders and investors remain on high alert for potential policy shifts and their impact on global trade, commodities, and financial markets.
Gold Price Today Digital Media Network
Facebook group of 80,000 jewellers – Sunar Jewellers Ekta – https://www.facebook.com/groups/goldsilverpricenews
Website- https://goldpricetoday.co.in/
Facebook Page- https://www.facebook.com/Goldsilverpricetoday
Instagram- https://www.instagram.com/goldpricetodaynews/
X- https://twitter.com/today_gold
Telegram Group- https://telegram.me/goldsilverprice
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.
