President Donald Trump has ordered a pause on all military aid to Ukraine, intensifying pressure on Volodymyr Zelenskiy just days after a heated Oval Office exchange cast doubt on the U.S.’s continued support for Kyiv. Gold and silver prices are slightly down today, with Comex gold hovering near $2,900.
According to a senior Defense Department official, the aid freeze will remain in place until Trump determines that Ukraine’s leadership is committed to peace. This decision comes amid broader U.S. efforts to reshape its foreign policy approach toward Russia and Ukraine.
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U.S. Trade War Escalates: Tariffs on Canada, Mexico, and China
Trump has announced new tariffs on Canada and Mexico beginning Tuesday, despite efforts to avoid a continental trade war. The tariffs will cover approximately $1.5 trillion in annual imports, imposing a 25% duty on most goods except Canadian energy, which will face a 10% tariff.
In response, China’s Ministry of Commerce rejected the additional U.S. tariffs on Chinese goods, warning of potential countermeasures. The ministry stated that the duties would harm trade relations, urging Washington to withdraw the measures.
U.S. Considers Easing Sanctions on Russia
As part of its effort to improve relations with Moscow and resolve the Ukraine conflict, the White House has directed the State and Treasury Departments to draft a list of sanctions that could be eased for discussion with Russian officials. Sources indicate that Trump’s administration is seeking a diplomatic solution while maintaining economic leverage over Russia.
Gold and Silver Rally Amid Geopolitical Uncertainty
Gold and silver posted strong gains in international markets on Monday, driven by increased safe-haven demand following escalating tensions between the U.S. and Ukraine and heightened global uncertainty.
- Gold April futures: $2,901.10 per troy ounce (+1.36%)
- Silver May futures: $32.228 per troy ounce (+2.32%)
- Domestic Market:
- Gold (April futures): ₹85,384 per 10 grams (+1.38%)
- Silver (May futures): ₹96,055 per kg (+1.83%)
Gold’s rally was further supported by a 1% drop in the dollar index, while new U.S. trade tariffs on Canada, Mexico, and China fueled market concerns. However, weaker Indian and Chinese physical demand due to higher prices may limit further gains.
Market Outlook & Technical Analysis
Manoj Kumar Jain, Director at Prithvi Finmart, expects gold and silver to remain volatile this week amid fluctuations in the dollar index and ongoing U.S. trade tensions.
- Gold support levels: $2,884–$2,860, resistance at $2,922–$2,940 per troy ounce
- Silver support levels: $31.80–$31.55, resistance at $32.50–$32.80 per troy ounce
- MCX Gold: Support at ₹85,040–₹84,770, resistance at ₹85,820–₹86,100
- MCX Silver: Support at ₹95,350–₹94,700, resistance at ₹96,800–₹97,400
Jain suggests selling silver around ₹96,400 with a stop-loss at ₹96,950 and a target of ₹95,400
Tuesday, March 4, 2025
🔹 U.S. Tariffs on Canada, Mexico, and China Take Effect
🔹 China: March 4 – March 11 – Chinese People’s Political Consultative Conference & National People’s Congress
Wednesday, March 5, 2025
🇺🇸 United States:
🔹 12:50 AM – Fed Williams Speech
🔹 06:45 PM – ADP Employment Change (February)
🔹 08:30 PM – ISM Services PMI (February)
Thursday, March 6, 2025
🇺🇸 United States:
🔹 07:00 PM – Initial Jobless Claims (March 1)
🇪🇺 Eurozone:
🔹 06:45 PM – ECB Interest Rate Decision
🔹 07:15 PM – ECB Press Conference
Friday, March 7, 2025
🇺🇸 United States:
🔹 02:00 AM – Fed Waller Speech
🔹 07:00 PM – Non-Farm Payrolls (February)
🔹 07:00 PM – Unemployment Rate (February)
🔹 11:00 PM – Fed Chair Powell Speech
🇪🇺 Eurozone:
🔹 03:30 PM – GDP Growth Rate QoQ (3rd Estimate, Q4)
Sunday, March 9, 2025
🇨🇳 China:
🔹 07:00 AM – Inflation Rate YoY Final (February)
These key economic and geopolitical events will shape market sentiment and drive global financial trends throughout the week.
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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
