Gold Price Today News @goldpricetodaynews: Gold prices rebounded sharply on Thursday morning, recovering from their steep fall the previous night. On Comex, gold futures surged over $70 and were trading near $3,371 per troy ounce. Spot gold also rose by $65, crossing the $3,350 mark as investors responded to renewed signals from the White House suggesting a softer stance on trade and monetary policy.
The key driver behind the bounce was increasing uncertainty in the market stemming from U.S. President Donald Trump’s changing tone on several major policy fronts, particularly the trade war with China and his approach to Federal Reserve leadership.
U.S. Treasury Secretary Scott Bessent told investors that the current tariff levels between the U.S. and China are unsustainable. The U.S. currently has 145% tariffs on Chinese products, while China has imposed 125% tariffs on American goods. Bessent made it clear that neither country could continue under these conditions.
“Neither side believes that these are sustainable levels. As I said yesterday, this is the equivalent of an embargo and a break between the two countries in trade does not suit anyone’s interest,” Bessent told reporters.
While Bessent indicated that the U.S. is willing to explore significant tariff cuts—possibly as low as 50% according to Wall Street Journal reports—he also stressed that the Trump administration would not act unilaterally. Sources suggest the White House is open to a substantial cut in tariffs on Chinese auto parts ahead of a May 3 deadline, though no final decision has been made.
U.S. President Donald Trump on Wednesday expressed optimism about resolving the trade dispute with China, saying a “fair deal” could be on the horizon. However, his administration has so far provided little clarity on how and when it might ease the steep tariffs currently burdening both economies.
Trump told reporters his country would have a “fair deal with China,” adding that “everything’s active” when asked if Washington was in talks with Beijing.
As for the possibility of lowering tariffs, the President said that would depend on China’s approach: “depends on them,” Trump noted, while stressing his good relationship with Chinese President Xi Jinping. “I get along very well” with Xi, he said, and expressed hope that both sides can eventually reach an agreement.
In the Oval Office, when asked about reducing tariffs on autos, President Trump suggested the opposite. However, he continued to maintain a more measured tone on broader trade issues, stating:
“We’re going to be very nice, and they’re going to be very nice, and we’ll see what happens,” Trump said.
Meanwhile, geopolitical tensions also played into gold’s volatility. President Trump and Ukrainian President Volodymyr Zelenskiy had another public disagreement over the ongoing Ukraine conflict, particularly regarding Crimea. Vice President JD Vance added pressure, urging both Russia and Ukraine to agree to a U.S.-backed peace proposal or risk American withdrawal from the negotiation process.
On Wednesday, gold and silver futures ended mixed globally. Gold June contracts settled at $3,294.10 per troy ounce, down 3.66%, while silver May contracts rose 1.95% to $33.547. In India, gold futures settled at ₹94,722 per 10 grams (down 2.69%), and silver at ₹97,799 per kg (up 2.00%).
The sharp fall in gold was largely due to easing risk sentiment following Trump’s assurance that Federal Reserve Chair Jerome Powell would not be removed. The dollar index rebounded, and equity markets strengthened, triggering profit-taking in gold. However, silver showed resilience supported by stronger-than-expected U.S. housing and manufacturing data.
Manoj Kumar Jain, Director at Prithvi Finmart, commented:
“We expect gold and silver prices to remain volatile this week amid fluctuations in the dollar index and U.S.-China trade tensions. Gold prices could hold support at $3,200, while silver may find support around $29.88 per ounce.”
Jain added that gold has near-term support at $3,264–3,220 and resistance at $3,330–3,374. For silver, support lies at $33.20–32.84 and resistance at $33.88–34.40. On MCX, gold may find support at ₹94,000–₹93,350 and face resistance at ₹95,400–₹96,100, while silver could test support at ₹96,950–₹96,200 and aim for resistance between ₹98,500–₹99,400.
He suggests a buy-on-dips strategy:
“Buy silver around ₹97,400 with a stop loss of ₹96,600 for a target of ₹99,000,” said Jain.
Despite recent volatility, the long-term fundamentals of gold remain intact, supported by global central bank buying and increasing ETF inflows.
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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.
