Gold and silver experienced a sharp decline on Thursday following the announcement of U.S. reciprocal tariffs, which could continue to weigh on bullion markets. However, gold prices opened strongly on Friday morning, with Spot and Comex trading above $3,100. Silver on Comex remained flat around $32 per ounce. Tonight, Federal Reserve Chairman Jerome Powell is set to speak, with unemployment data also taking center stage.
The semiconductor industry, a significant consumer of silver, faces targeted tariffs, further weakening the industrial demand outlook.
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President Donald Trump signaled openness to reducing tariffs if other nations offered something “phenomenal,” suggesting the White House is willing to negotiate despite opposition from some top officials. Speaking aboard Air Force One on Thursday, Trump defended his tariff policy despite stock market turmoil, expressing satisfaction with falling interest rates and confidence in economic stability.
“The tariffs give us great power to negotiate,” Trump stated. “Every country has called us.”
Meanwhile, Fitch Ratings downgraded China’s sovereign rating from ‘A+’ to ‘A’ over concerns about weakening finances and rising public debt. The downgrade was based on pre-existing forecasts before the U.S. imposed new tariffs, anticipating continued financial strain on China.
On Thursday, gold and silver closed weaker in international markets. Gold June futures settled at $3,121.70 per troy ounce, down 1.41%, while silver May futures fell 8.05% to $31.86 per troy ounce. Domestic markets mirrored this trend, with gold June futures closing at Rs 90,057 per 10 grams (-0.74%) and silver May futures settling at Rs 94,399 per kilogram (-5.37%).
The sharp decline in bullion prices followed Trump’s announcement of reciprocal tariffs against U.S. trade partners. Gold fell to a one-week low, while silver reached a five-week low. Although prices peaked during Trump’s press conference, they failed to sustain gains amid a global equity market sell-off. The U.S. equity markets witnessed heavy selling, with the dollar index and 10-year bond yields also tumbling post-announcement. While Trump exempted precious metals from tariffs, widespread sell-offs in other asset classes continued to pressure bullion markets.
Manoj Kumar Jain, Director at Prithvi Finmarts, expects gold and silver prices to remain volatile amid fluctuations in the dollar index and the ongoing trade war. “Gold could hold its key support level of $3,040 per troy ounce on a weekly closing basis, but pressure from industrial metal sell-offs due to reciprocal tariffs could push silver prices lower towards $31.20 per troy ounce,” he said.
Jain further noted key levels for gold and silver: “Gold has support at $3,088-$3,044, with resistance at $3,145-$3,177 per troy ounce, while silver has support at $31.40-$30.88 and resistance at $32.40-$33.00 per troy ounce.”
In the MCX market, gold is supported at Rs 89,360-Rs 88,800, with resistance at Rs 90,700-Rs 91,200, whereas silver has support at Rs 93,150-Rs 91,800 and resistance at Rs 95,200-Rs 96,600. Jain advises traders to wait for market stability before initiating fresh positions.
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
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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.
