Gold Prices Rally on COMEX
Gold prices are inching closer to the $3,000 mark as geopolitical tensions and economic concerns drive safe-haven demand. On COMEX, gold futures are currently trading near $2,665, having gained more than $70 in the past two days.
Trump Imposes 25% Tariffs on Steel and Aluminum
In a significant development, U.S. President Donald Trump has signed an order imposing a 25% tariff on steel and aluminum imports, escalating global trade tensions. This move has further boosted gold’s appeal as a hedge against economic uncertainty.
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ING Predicts Gold to Hit $3,000 Per Ounce
According to ING, gold is set to reach new record highs this year. In its latest report, ING stated, “We believe gold will hit more record highs this year, with $3,000 per ounce now in sight. The macro backdrop will remain favorable for gold as interest rates decline and foreign reserve diversification continues amid geopolitical tensions. A stronger U.S. dollar and tighter monetary policy could eventually pose some challenges to gold. However, increased trade friction could enhance gold’s safe-haven appeal. We expect gold to average $2,800 per ounce in the first quarter and likely reach the $3,000 per ounce level this quarter.”
Gold and Silver Settle Higher in Global Markets
On Monday, gold and silver closed on a positive note in international markets. The April gold futures contract settled at $2,934.40 per troy ounce, up 1.62%, while the March silver futures contract closed at $32.491 per troy ounce, rising 0.15%.
Mixed Trends in Domestic Gold and Silver Prices
In domestic markets, gold ended higher despite weakness in the rupee, while silver closed marginally lower. The April gold futures contract on MCX settled at Rs 85,816 per 10 grams, gaining 1.09%. Meanwhile, the March silver futures contract settled at Rs 95,295 per kilogram, down 0.04%.
China’s Gold Market Expansion Adds to Bullish Sentiment
Gold prices have reached record highs amid rising global uncertainty and increasing demand for safe-haven assets. The recent trade tensions and Trump’s tariff policy have led investors to shift towards gold. Additionally, China has launched a pilot program allowing insurers to buy gold for the first time, which could unlock up to $27 billion in new demand.
Dollar Index Gains May Limit Gold’s Upside
While gold prices continue to surge, the dollar index has also gained, crossing the 108 mark, which may limit further upside in precious metals. On a weekly closing basis, gold and silver are expected to hold key support levels of $2,840 and $31.40 per troy ounce, respectively, in international markets.
Market Expert Predicts Volatility in Gold and Silver
Market expert Manoj Kumar Jain, Director at Prithvi Finmart, expects gold and silver prices to remain volatile due to fluctuations in the dollar index, ongoing trade tensions, and the upcoming U.S. Federal Reserve Chairman’s testimony.
Key Support and Resistance Levels
Gold has support at $2,914-$2,896 and resistance at $2,950-$2,974 per troy ounce, while silver has support at $32.20-$31.88 and resistance at $32.74-$33.00 per troy ounce in today’s session.
Trading Strategy for Silver
In the MCX market, gold has support at Rs 85,350-Rs 84,800 and resistance at Rs 86,200-Rs 86,650, while silver has support at Rs 94,400-Rs 93,750 and resistance at Rs 96,000-Rs 96,650.
Jain suggests buying silver around Rs 95,000 with a stop loss of Rs 94,350 for a target of Rs 96,600.
Big Events of the Week
Tuesday, February 11, 2025
08:30 PM | US – Fed Chair Powell Testimony
Wednesday, February 12, 2025
02:00 AM | US – Fed Bowman Speech
07:00 PM | US – Core Inflation Rate MoM (JAN)
07:00 PM | US – Inflation Rate MoM (JAN)
08:30 PM | US – Fed Chair Powell Testimony
Thursday, February 13, 2025
07:00 PM | US – PPI MoM (JAN)
07:00 PM | US – Core PPI MoM (JAN)
07:00 PM | US – Initial Jobless Claims (FEB/0)
Friday, February 14, 2025
03:30 PM | EA – GDP Growth Rate QoQ (2nd Estimate,
Q4)
07:00 PM | US – Retail Sales MoM (JAN)
07:45 PM | US – Industrial Production MoM (JAN)
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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
