Global gold prices surged to new highs as investor sentiment turned increasingly cautious amid growing uncertainty around U.S. monetary policy and geopolitical tensions. On Comex, gold neared the $3,450 mark, rising by $15 in intraday trade, while in India’s local sarafa market, gold crossed the ₹1 lakh threshold for the first time. The rally in gold and silver was accompanied by high volatility driven by market concerns over the Federal Reserve’s independence and an intensifying U.S.-China trade conflict.
The dollar index plunged to a three-year low following a public clash between the U.S. President and Federal Reserve Chairman Jerome Powell over interest rate cuts. Reports indicate that the administration is exploring legal avenues to potentially dismiss Powell before his current term expires in May 2026. The growing political interference has shaken market confidence, pushing equities lower and increasing demand for safe-haven assets like gold.
Trade Tensions Add to Safe-Haven Appeal
The precious metals rally was further supported by Washington’s decision to impose steep anti-dumping tariffs — as high as 3,521% — on solar imports from Cambodia, Vietnam, Malaysia, and Thailand. The move followed a yearlong investigation which found that manufacturers in these countries were benefitting from government subsidies and dumping products into the U.S. below production cost, intensifying concerns over global trade and inflation.
Citi Raises 3-Month Gold Forecast to $3,500
In a bullish note released Thursday, Citi Research revised its three-month gold price target from $3,200 to $3,500 per ounce. The upgrade is attributed to fresh buying by Chinese insurers and continued safe-haven flows amid rising tariff risks and weakening global markets.
“China’s recent move to let 10 insurers allocate up to 1% of their total assets to gold could generate annual demand of around 255 tonnes, equal to roughly a quarter of total global central bank buying,” Citi noted.
Gold and Silver Price Action:
- Comex Gold (June Futures): Closed at $3,425.30/oz, up 2.51%
- Comex Silver (May Futures): Closed at $32.521/oz, down 0.07%
- MCX Gold (June Futures): Settled at ₹97,279/10g, up 2.13%
- MCX Silver (May Futures): Settled at ₹95,247/kg, up 0.22%
Despite the mixed close for silver, precious metals remain well-supported amid global market uncertainty, with gold breaching the $3,400 per ounce mark and silver staying above key support zones.
Market Outlook:
Analyst Manoj Kumar Jain forecasts continued volatility in the gold and silver markets due to fluctuations in the U.S. dollar and ongoing trade tensions:
- Gold Support/Resistance: $3,384–3,350 / $3,454–3,480 per ounce
- Silver Support/Resistance: $32.20–31.84 / $32.80–33.10 per ounce
- MCX Gold: ₹96,600–96,100 (support), ₹97,700–98,400 (resistance)
- MCX Silver: ₹94,650–94,000 (support), ₹96,000–96,650 (resistance)
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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.
