Gold prices continue their bullish momentum, setting new records on both international and domestic exchanges. On Comex, gold surpassed the critical $2,950 level, while on MCX, it touched a new high of ₹86,800 per 10 grams. The rally is driven by market uncertainty surrounding U.S. tariffs and cooling inflation data, which has strengthened expectations of a future rate cut by the U.S. Federal Reserve.
U.S. Trade War Escalates, Impact on Gold Yet to Unfold
The full impact of U.S. reciprocal tariffs, set to take effect from April 2, remains uncertain. U.S. President Donald Trump has threatened additional tariffs on European Union (EU) goods in response to retaliatory measures from the EU and Canada. Just hours after a 25% tariff on U.S. steel and aluminum imports came into force, Trump warned of further penalties if the EU proceeds with countermeasures next month.
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The escalating trade tensions have spurred safe-haven demand for gold and silver, pushing both metals to multi-week highs. Gold reached a two-week high, while silver climbed to a three-week peak in global markets.
Inflation Data Boosts Rate Cut Expectations
The latest U.S. inflation report came in slightly lower than the previous month, in line with expectations. Market participants interpreted this as a positive signal, suggesting the Federal Reserve may adopt a less aggressive stance on interest rates. Lower interest rates generally boost gold’s appeal as a non-yielding asset.
Key Levels and Market Outlook By Manoj Kumar Jain, Prithvi Finmart
Gold Technical Levels:
- Support: $2,932–$2,914 per troy ounce
- Resistance: $2,955–$2,980 per troy ounce
- MCX Support: ₹86,360–₹86,100
- MCX Resistance: ₹87,000–₹87,400
Silver Technical Levels:
- Support: $33.40–$33.10 per troy ounce
- Resistance: $34.00–$34.40 per troy ounce
- MCX Support: ₹98,600–₹97,800
- MCX Resistance: ₹1,00,000–₹1,01,400
Expert Views on Gold and Silver Price Trends
According to Manoj Kumar Jain, Director at Prithvi Finmart, gold and silver prices are expected to remain volatile amid fluctuations in the dollar index, ongoing trade war tensions, and the upcoming U.S. Producer Price Index (PPI) data.
Jain suggest:
- Buying gold around ₹86,400 with a stop loss of ₹86,080 for a target of ₹87,000
- Buying silver around ₹98,800 with a stop loss of ₹98,000 for a target of ₹1,00,500
Market Sentiment and Open Interest
According to Kedia Commodity on the technical front, gold saw fresh buying interest, with open interest rising by 2.13% to 14,831 contracts. If gold breaches ₹86,100, it may slide to ₹85,510, while a breakthrough above ₹87,005 could push prices toward ₹87,320.
Kedia Commodity Silver’s open interest surged by 8.64% to 22,481 contracts. Support is seen at ₹98,640, and a drop below this level could test ₹97,800. On the upside, breaking ₹99,935 could drive silver to ₹1,00,390.
Big Event of the Week Thursday, March 13, 2025
United States:
- 06:00 PM – PPI MoM
- 06:00 PM – Core PPI MoM
- 06:00 PM – Initial Jobless Claims (March)
Friday, March 14, 2025
United States:
- 07:30 PM – Michigan Consumer Sentiment Prel
China:
- Vehicle Sales YoY
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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.
