Gold and silver prices have been under pressure for the past three days, with gold falling below the crucial $2,900 mark. In the spot market, gold is trading near $2,860 per ounce, while silver has slipped closer to $31 per ounce. The market focus is now on the Core PCE data, set to be released in the evening.
Trump’s Trade Tariff Threats Shake Markets
President Donald Trump has once again threatened the European Union with a 25% tariff and announced an additional 10% tariff on Chinese imports, set to take effect on March 4—just a day before China’s key annual policy meeting, the “Two Sessions.” China is expected to announce economic stimulus measures to boost domestic demand, with plans for defense and technological spending also in focus.
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U.S.-Russia Diplomatic Talks Progress
Meanwhile, the United States and Russia held “constructive discussions” about their diplomatic missions during a meeting in Turkey. According to the U.S. State Department, both sides have agreed to hold follow-up talks soon.
Gold and Silver Plunge as Dollar Gains Strength
On Thursday, both gold and silver prices settled lower amid strong gains in the dollar index and weaker U.S. economic data. Gold April futures fell 1.18% to $2,895.90 per ounce, while silver March futures declined 2.34% to $31.517 per ounce. In the domestic markets, gold settled at ₹85,196 per 10 grams, down 0.79%, and silver ended at ₹93,635 per kg, down 1.06%.
The U.S. fourth-quarter GDP remained unchanged at 2.3%, while pending home sales dropped 4.6% in January to their lowest levels. Market risk premiums for precious metals also diminished following reports of a potential Russia-Ukraine peace deal. However, a rise in U.S. jobless claims and a decline in 10-year bond yields below 4.30% failed to provide support to gold and silver prices.
Market Outlook: Volatility Expected
Manoj Kumar Jain, Director of Prithvi Finmart, commented on the outlook for gold and silver:
“Gold and silver could test their key support levels of $2,860 and $30.88 per ounce, respectively. We expect prices to remain volatile amid fluctuations in the dollar index and trade war concerns. Gold has support at $2,880-$2,860, with resistance at $2,910-$2,922, while silver has support at $31.20-$30.88 and resistance at $31.80-$32.00. On MCX, gold has support at ₹84,920-₹84,660 and resistance at ₹85,500-₹85,740, while silver has support at ₹93,000-₹92,200 and resistance at ₹94,400-₹95,000. We suggest selling gold around ₹85,350 with a stop loss of ₹85,660 for a target of ₹84,700.”
With ongoing trade tensions and economic uncertainties, the gold and silver markets remain on edge, and traders should brace for further volatility in the coming sessions.
Key Economic Events for the Week (February 24 – 28, 2025)
Friday, February 28, 2025
01:45 AM – US Fed Harker Speech
07:00 PM – US Core PCE Price Index MoM
07:00 PM – US Personal Income MoM JAN
07:00 PM – US PCE Price Index 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
