Trump China Tariff: Gold and silver prices surged to near-record highs as U.S. President Donald Trump reignited global trade tensions by announcing potential tariffs on the European Union and China. The uncertainty surrounding these policy moves, coupled with a weakening dollar and falling U.S. bond yields, has driven investor demand for precious metals.
Trump’s Tariff Threats Shake Global Markets
On Tuesday, President Trump vowed to impose tariffs on the European Union and confirmed discussions about a 10% punitive duty on Chinese imports, citing concerns over fentanyl shipments from China to the U.S. via Mexico and Canada. Speaking at the White House, Trump emphasized that the European Union had an unfair trade surplus with the U.S., warning that tariffs were the only way to ensure “fairness.” The proposed Chinese tariffs could take effect as early as February 1.
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The Bank of Japan is likely to increase its benchmark interest rate by 25 basis points this week, potentially raising it to 0.5%—the highest level since 2008. Recent statements from Governor Kazuo Ueda and Deputy Governor Ryozo Himino’s address to business leaders suggest the central bank’s readiness for a rate hike, economists say.
Gold and Silver Gain as Safe-Haven Demand Rises
Gold and silver closed on a strong note in global markets. Gold February futures settled at $2,759.20 per troy ounce, up by 1.00%, while silver March futures ended at $31.496 per troy ounce, up by 1.14%. Domestic markets mirrored this trend, with gold futures closing at ₹79,224 per 10 grams, gaining 0.87%, and silver futures rising to ₹92,091 per kilogram, up by 0.71%. A decline in the dollar index below 108 and weaker U.S. 10-year bond yields provided strong support for metal prices.
Technical Levels and Market Outlook
Gold prices surpassed the key resistance level of $2,755 per troy ounce, reaching a three-month high, while silver tested the $31.50 mark, hitting a two-week high. Manoj Kumar Jain, Director at Prithvi Finmart, stated that gold and silver are holding critical support levels at $2,634 and $29.50 per troy ounce, respectively. Jain expects market volatility to persist amid ongoing Trump administration policy shifts and fluctuations in the dollar index.
For today’s session, gold is expected to find support at $2,745–2,734 and resistance at $2,774–2,788 per troy ounce. Silver, on the other hand, has support at $31.20–30.88 and resistance at $31.80–32.04 per troy ounce.
Trading Strategy for Domestic Markets
On the MCX, gold has support at ₹79,000–78,770 and resistance at ₹79,450–79,720, while silver is supported at ₹91,450–90,700 with resistance at ₹92,850–93,660. Jain recommends buying silver around ₹91,600 with a stop loss at ₹91,050 for a target of ₹92,800.
IIDM Daily update
Key resistance is located at 2750 above which we can see an upside move towards 2765-2775.
Crucial support is seen at 2725 below which a further dip towards 2710- 2700 can be seen.
Kedia Commodity Daily Gold Silver Price Update
GOLD – 79224
Resistance: 79415-79610-79920
Support: 78910-78600-78405
SILVER – 92091
Resistance: 92490-92890-93420
Support: 91560-91030-90630
GOLD$ – 2744.35
Resistance: 2759.51-2775.39-2786.59
Support: 2715.12-2686.61-2675.41
SILVER$ – 30.7465
Resistance: 31.02-31.29-31.51
Support: 30.33-29.91-29.69
Big Events of The Week
Wednesday, January 22, 2025
08:30 PM (United States): CB Leading Index (MoM) for December.
08:45 PM (Euro Area): ECB President Lagarde Speech.
Thursday, January 23, 2025
07:00 PM (United States): Initial Jobless Claims for the week ending January 18.
Friday, January 24, 2025
03:00 AM (United States): Fed Balance Sheet data (as of January 22).
08:15 PM (United States): S&P Global Composite PMI Flash (January).
08:30 PM (United States): Existing Home Sales (December).
08:30 PM (United States): Michigan Consumer Expectations Final (January).
Friday, January 24, 2025
05:00 AM (Japan): Inflation Rate (YoY for December).
08:30 AM (Japan): BoJ Interest Rate Decision and Quarterly Outlook Report.
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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
