Gold continues its strong bullish momentum, reaching new highs in both futures and spot markets. On Comex, gold futures are nearing the $3,200 mark, while spot prices have crossed $3,150 for the first time. In the morning session, gold gained over $20, pushing past $3,170 on Comex futures. Geopolitical tensions, including heightened U.S.-Iran relations and China’s military exercises near Taiwan, are driving demand for the precious metal. Other factors supporting prices are ETF buying and Central Bank Demand.
Morgan Stanley now predicts that gold could reach $3,400 in 2025. With the U.S. President’s reciprocal trade tariff announcement approaching, investors are shifting towards hard assets like gold, reinforcing its status as the top-performing asset of 2025.
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Gold and Silver Market Performance
On Monday, gold and silver settled on a mixed note in the international markets:
- Gold June futures closed at $3,150.30 per troy ounce, up 0.75%
- Silver May futures settled at $34.611 per troy ounce, down 1.06%
In domestic markets:
- Gold June futures settled at ₹90,717 per 10 grams, up 1.15%
- Silver May futures closed at ₹1,00,065 per kilogram, down 0.39%
Gold hit a fresh all-time high, breaking the $3,150 per ounce level. Global equity markets are struggling due to tariff fears, while geopolitical tensions between Russia-Ukraine and the Middle East continue to escalate, further boosting safe-haven demand.
Expert Analysis
Manoj Kumar Jain, Director at Prithvi Finmart, expects gold and silver prices to remain volatile due to fluctuations in the U.S. dollar index and trade tariff concerns. However, he believes that both metals will hold key support levels on a weekly closing basis:
- Gold support levels: $3,134-$3,115 | Resistance: $3,174-$3,188
- Silver support levels: $34.34-$34.00 | Resistance: $34.88-$35.20
In domestic markets:
- Gold support: ₹90,350-₹90,000 | Resistance: ₹91,040-₹91,400
- Silver support: ₹99,450-₹98,800 | Resistance: ₹1,00,800-₹1,01,650
He recommends buying gold around ₹90,350 with a stop loss of ₹89,800 and a target of ₹91,300, while suggesting buying silver around ₹99,500 with a stop loss of ₹98,800 for a target of ₹1,01,000.
Technical Outlook – Kedia Commodity
- Gold open interest rose by 5.84% to 19,077, indicating fresh buying. Support is seen at ₹90,325, with further downside at ₹89,930. Resistance is at ₹90,990, with a potential move toward ₹91,260.
- Silver open interest fell by 5.76% to 20,528, indicating long liquidation. Support is at ₹99,090, with the next level at ₹98,115, while resistance is at ₹1,00,960, with a potential rise to ₹1,01,855.
Key Events of the Week
Tuesday, April 1, 2025
- 02:30 PM (EA) – Euro Area Inflation Rate YoY Flash
- 05:00 AM (JP) – Japan Unemployment Rate (Feb)
- 07:30 PM (US) – ISM Manufacturing PMI (Mar)
- 07:30 PM (US) – JOLTs Job Openings (Feb)
- Trump Tariff Announcement
Wednesday, April 2, 2025
- 05:45 PM (US) – ADP Employment Change (Mar)
- Reciprocal Tariff Announcement
Thursday, April 3, 2025
- 02:00 AM (US) – Fed Kugler Speech
- 06:00 PM (US) – Initial Jobless Claims (Mar 29)
- 07:30 PM (US) – ISM Services PMI (Mar)
Friday, April 4, 2025
- 06:00 PM (US) – Non-Farm Payrolls (Mar)
- 06:00 PM (US) – Unemployment Rate (Mar)
- 08:55 PM (US) – Fed Chair Powell Speech
Other Major Events
- Trump Statement
- Iran-Related News
- Russia-Ukraine Developments
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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.
