Trump Tariff on Gold, Tariff on Silver: In a highly anticipated move, U.S. President Donald Trump announced a sweeping reciprocal tariff policy on various trading partners, imposing significant duties on imports from major economies. However, bullion markets received some relief as gold and silver were exempted from the tariffs, according to a fact sheet released by the White House.
Gold Steady, Silver Plunges as Global Uncertainty Rises
Gold prices remained resilient, trading near $3,153 per ounce on COMEX, supported by safe-haven demand amid heightened geopolitical tensions, particularly in Iran. Meanwhile, silver prices dropped more than 3%, pushing the gold-silver ratio beyond 94, signaling gold’s continued dominance.
The White House Fact Sheet confirmed that certain commodities, including bullion, energy, semiconductors, and pharmaceuticals, will not be subject to the new tariffs.
“Some goods will not be subject to the Reciprocal Tariff. These include: (1) articles subject to 50 USC 1702(b); (2) steel/aluminum articles and autos/auto parts already subject to Section 232 tariffs; (3) copper, pharmaceuticals, semiconductors, and lumber articles; (4) all articles that may become subject to future Section 232 tariffs; (5) bullion; and (6) energy and other certain minerals that are not available in the United States,” the document stated.
Trump’s Tariffs Shake Global Markets
The new U.S. trade policy includes a 10% baseline tariff, with higher reciprocal rates imposed on specific countries. The announcement triggered a sell-off in global equities, pushing U.S. stock futures and Asian markets sharply lower.
Speaking at the White House Rose Garden, Trump defended the tariffs as a necessary measure to protect American workers.
“For years, hard-working American citizens were forced to sit on the sidelines as other nations got rich and powerful, much of it at our expense,” Trump said. “Now it’s our turn to prosper.”
Key Tariff Rates on Major Trading Partners
- India: 26% tariff, surpassing the 20% on the EU, 24% on Japan, and 25% on South Korea.
- China: Faces the highest rate, with tariffs on many goods exceeding 54%.
- European Union & Japan: Hit with 20% and 24% tariffs, respectively.
- Tariff Implementation: Base 10% tariff begins on April 5, while higher reciprocal rates take effect from April 9.
During the announcement, Trump acknowledged India’s Prime Minister as a “friend” but criticized the country’s trade policies.
“India, very, very tough. Very, very tough,” Trump said. “The prime minister just left, and he’s a great friend of mine. But I said, you’re a friend of mine, but you’re not treating us right. They charge us 52%.”



Market Reaction: Gold Hits New High, Silver Struggles
- Gold surged towards a new all-time high, nearing $3,200 per ounce, as investors sought safe-haven assets amid fears of a worsening trade war.
- Silver, despite initial volatility, failed to find support due to selling pressure in industrial metals and equity markets.
Manoj Kumar Jain, a market expert, warned of heightened volatility in precious metals and advised traders to exercise caution.
“We expect gold and silver prices to remain volatile this week amid fluctuations in the dollar index and ongoing trade tensions. However, gold is likely to hold support around $3,040 per ounce, while silver could stabilize at $32.40,” he said.
Key Support & Resistance Levels
Manoj Kumar Jain said Gold has support at $3144-3122, while resistance at $3188-3210 per troy ounce and silver has support at $34.20-33.74, while resistance is at $35.00-35.50 per troy ounce in today’s session. At mcx, gold is having support at 90300-89800 and resistance at 91220-91500 while silver is having support at 98800-97750 and resistance at 100500-101650.
SMC Global suggests gold may trade between ₹90,300-₹91,220, while silver could range between ₹98,000-₹100,500, with a sideways to bearish bias.
Upcoming Market Events to Watch
Thursday, April 3, 2025
- 2:00 AM IST – U.S. Fed Kugler Speech
- 6:00 PM IST – U.S. Initial Jobless Claims (March 29)
- 7:30 PM IST – U.S. ISM Services PMI (March)
Friday, April 4, 2025
- 6:00 PM IST – U.S. Non-Farm Payrolls (March)
- 6:00 PM IST – U.S. Unemployment Rate (March)
- 8:55 PM IST – Fed Chair Powell Speech
Geopolitical & Market Risks
Investors remain on edge as global tensions escalate. Developments in Iran, Russia-Ukraine relations, and Trump’s latest statements will be key factors influencing bullion and equity markets.
Market Outlook: Stay Cautious Amid Volatility
With retaliatory measures expected from U.S. trade partners, analysts urge caution in taking fresh positions in gold and silver until markets stabilize. The next few weeks could determine the long-term direction for precious metals and global trade policies.
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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.