Gold prices surged close to the $3,300 mark on Wednesday, driven by heightened geopolitical uncertainty and renewed friction between the U.S. and China. On the Comex, gold June futures rose over $40 to reach $3,290 per ounce, while silver traded firmly above the $32 level. In the spot market, gold also set a new record, crossing $3,260 per ounce.
In a notable development, President Donald Trump called on China to resume trade negotiations, stating, “The ball is in China’s court. China needs to make a deal with us. We don’t have to make a deal with them,” according to White House Press Secretary Karoline Leavitt.
China’s economy grew by a stronger-than-expected 5.4% in the first quarter, showing resilient momentum. However, escalating U.S. tariff threats have led major global investment banks to cut their forecasts for China’s full-year growth.
Adding to the tension, the Trump administration launched a new probe into tariffs on critical minerals, citing potential national security concerns. Meanwhile, Nvidia Corp. revealed that new U.S. restrictions on its H20 chip exports to China could result in a $5.5 billion revenue loss. In retaliation, China announced it would stop purchasing Boeing aircraft and spare parts from the U.S., sparking fresh gains in precious metals.
Despite the strength in the Indian rupee, gold held firm, while silver saw marginal profit booking.
Expert View – What’s Next for Gold and Silver?
According to Manoj Kumar Jain, Director at Prithvi Finmart:
“Gold is sustaining above $3,200 and is likely to test $3,300 in the upcoming sessions. Price movements will remain volatile amid ongoing U.S.-China tensions and fluctuations in the dollar index.”
Technical Levels to Watch:
Comex Gold:
- Support: $3,220 – $3,194
- Resistance: $3,264 – $3,292
Comex Silver:
- Support: $32.00 – $31.74
- Resistance: $32.64 – $32.88
MCX Gold:
- Support: ₹93,000 – ₹92,660
- Resistance: ₹93,950 – ₹94,500
MCX Silver:
- Support: ₹94,000 – ₹93,350
- Resistance: ₹95,500 – ₹96,650
Trade Recommendations (By Manoj Jain):
- Buy Gold above ₹93,600 with a stop loss of ₹93,300 for a target of ₹94,200
- Buy Silver near ₹94,400 with a stop loss of ₹93,750 for a target of ₹95,800
Kedia Commodity
Gold Immediate support is seen at ₹93,130, with further downside possible to ₹92,815. Resistance lies at ₹93,650, and a move beyond could test ₹93,855. Silver Key support is seen at ₹94,320, with further downside to ₹93,865. Resistance is pegged at ₹95,165, and a breakout could lead to testing ₹95,555.
With the dollar index hovering near a two-year low and concerns over China possibly offloading U.S. treasuries, the outlook for gold and silver remains bullish in the near term.
Big Events -Wednesday, April 16
6:00 PM – Retail Sales MoM (March)
6:45 PM – Industrial Production MoM (March)
6:45 PM – Manufacturing Production MoM (March)
11:00 PM – Fed Chair Jerome Powell Speech
Thursday, April 17
6:00 PM – Building Permits (Preliminary – March)
6:00 PM – Initial Jobless Claims (Week ending April 12)
Friday, April 18
2:00 AM – Fed Balance Sheet (April 16)
8:30 PM – Speech by Fed’s Mary Daly
Euro Area
Wednesday, April 16
2:30 PM – Final Inflation Rate MoM (March)
Thursday, April 17
5:45 PM – ECB Interest Rate Decision
China
Wednesday, April 16
7:30 AM – GDP Growth Rate YoY
7:30 AM – Industrial Production YoY
Sunday, April 20
6:45 AM – 1-Year Loan Prime Rate
6:45 AM – 5-Year Loan Prime Rate
Japan
Friday, April 18
5:00 AM – Inflation Rate YoY (March)
United Kingdom
Wednesday, April 16
11:30 AM – Inflation Rate YoY (March)
Other Major Developments to Watch
Trump’s statement on upcoming tariff policy
Updates on Russia–Ukraine peace talks
Potential Iran-related geopolitical announcements
Key developments in the ongoing U.S.–China trade war
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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.
