Gold and silver prices moved higher in Monday’s morning session amid escalating global trade tensions. Gold was trading above $3,000 per ounce, while silver surged past $30, with both metals gaining over 1%.
China Vows to Retaliate Against U.S. Tariffs
Tensions flared after U.S. President Donald Trump threatened to impose an additional 50% duty on Chinese imports unless Beijing rolls back its recently announced 34% tariff on American goods. In a sharp response, China’s Commerce Ministry said it “resolutely opposes” the move and warned of firm countermeasures.
“The U.S. threat to escalate tariffs on China is a mistake on top of a mistake,” the ministry said. “China will never accept it. If the U.S. insists on its own way, China will fight to the end.”
As trade rhetoric heats up, China also loosened its grip on the yuan by setting the daily reference rate beyond 7.20 per dollar — signaling readiness to use currency policy in response to mounting U.S. pressure.
European Union Proposes 25% Tariff on U.S. Goods Including Diamonds
Adding to global trade tensions, the European Commission has proposed counter-tariffs of 25% on a wide range of U.S. goods in response to Washington’s earlier duties on steel and aluminum.
A draft seen by Reuters revealed that tariffs will begin May 16 on some products, and from December 1 on others. The list includes diamonds, eggs, dental floss, sausages, poultry, almonds, and soybeans.
Mixed Market Close for Bullion
Despite the morning gains, gold and silver closed mixed in international markets on Monday. Gold June futures ended at $2,973.60 per troy ounce, down 2.04%, while silver May futures settled higher at $29.604, up 1.28%.
In the domestic market, gold June futures fell 1.30% to ₹86,928 per 10 grams, while silver May futures rose 1.19% to ₹88,248 per kg.
Volatility Reigns as Trade War Intensifies
Bullion markets are experiencing roller-coaster moves as global equity sell-offs and rebounding U.S. dollar index and bond yields weigh on sentiment. While gold extended its decline for the third straight day due to asset rotation, silver rebounded from 7-month lows on hopes of Chinese stimulus.
Key Levels and Expert Outlook
Manoj Kumar Jain, Director at Prithvi Finmart, expects continued volatility in gold and silver this week due to the global trade war and dollar movement.
“Gold has support at $2,940–2,922, while resistance is at $3,000–3,034 per troy ounce,” he said. “Silver has support at $29.20–28.80, and resistance at $30.00–30.45 per troy ounce.”
On MCX, gold has support at ₹86,440–86,000 and resistance at ₹87,500–88,000. Silver is supported at ₹87,350–86,500 and faces resistance at ₹89,400–90,650.
Kedia Commodity Daily Report
Gold is finding support at ₹86,170, and if breached, could test ₹85,405. On the upside, resistance is at ₹88,240, with potential to test ₹89,545 if momentum strengthens. Silver Support is seen at ₹87,145, with a break lower possibly testing ₹86,040, while resistance lies at ₹89,890, with a potential move toward ₹91,530 if bullish momentum continues.
IIDM Daily Report
For Gold Key resistance is located at 2995 above which we can see an upside move towards 3010-3025. Crucial support is seen a 2960 below which a further dip towards 2950- 2930 can be seen.
Big Events of The Week
Tuesday, April 8
🕧 12:30 AM (US) – Consumer Credit Change (Feb Estimate)
🕦 11:30 PM (US) – Fed President Daly Speech
Wednesday, April 9
🕦 11:30 PM (US) – FOMC Meeting Minutes
Thursday, April 10
🇨🇳 07:00 AM (China) – Inflation Rate YoY (March)
🕕 06:00 PM (US) – Core Inflation Rate MoM (March)
🕕 06:00 PM (US) – Inflation Rate MoM (March)
🕕 06:00 PM (US) – Initial Jobless Claims (April)
Friday, April 11
🕕 06:00 PM (US) – PPI MoM (March)
🕕 06:00 PM (US) – Core PPI MoM (March)
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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.
