Gold Surges Amid Trump Reciprocal Tariff Uncertainty
U.S. President Donald Trump has announced plans to impose reciprocal tariffs as early as April, adding to global trade tensions and fueling a fresh rally in gold. The uncertainty surrounding these tariffs has strengthened the metal’s appeal as a safe-haven asset, pushing Comex gold past the $2,950 mark while silver gained over 1.5%. On the domestic front, MCX gold crossed ₹86,000, and silver surged ₹1,000, surpassing ₹96,000 in morning trade.
Trump’s Directive for New Tariffs
On Thursday, Trump signed a directive instructing the U.S. Trade Representative and Commerce Secretary to propose new tariffs on a country-by-country basis, aiming to rebalance trade relations. According to Howard Lutnick, Trump’s nominee for Commerce Secretary, the studies should be completed by April 1, after which Trump could take immediate action. The new tariff policy will also consider non-tariff barriers, such as the European Union’s VAT.
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In a statement, the White House emphasized global trade imbalances, highlighting cases where the U.S. faces disproportionately high tariffs compared to its own import duties. Some key examples include:
-Ethanol Tariffs: The U.S. tariff on ethanol is only 2.5%, while Brazil imposes an 18% tariff on U.S. ethanol imports.
-Agricultural Goods: The U.S. average tariff is 5%, whereas India’s is 39%.
-Motorcycles: India charges a 100% tariff on U.S. motorcycles, while the U.S. imposes only 2.4% on Indian motorcycles.
-Trade Deficit: In 2024, the U.S. trade deficit in goods exceeded $1 trillion.
The White House also underscored Trump’s strong stance against China’s trade practices, including intellectual property theft and forced technology transfers. The previous tariffs on Chinese imports helped secure a historic bilateral trade agreement.
Gold & Silver Market Update
Gold and silver ended on a mixed note in the international market on Thursday. Gold April futures settled at $2,945.40 per troy ounce, up 0.57%, while silver March futures closed at $32.726 per troy ounce, down 0.18%.
In domestic markets, the trend was similar:
Gold (April futures) gained 0.38% to close at ₹85,809 per 10 grams.
Silver (March futures) slipped 0.28% to settle at ₹95,233 per kg.
Gold prices remained highly volatile as the market absorbed a hotter-than-expected U.S. inflation report. The U.S. Producer Price Index (PPI) rose 0.4% in January, surpassing expectations of 0.3%. Core PPI also climbed 0.3%, compared to December’s flat reading.
Outlook & MCX Targets
According to Manoj Kumar Jain, Director at Prithvi Finmart, gold and silver prices are likely to remain volatile amid ongoing dollar index fluctuations and U.S. trade war uncertainties.
Key levels to watch:
Gold (Comex): Support at $2,922-$2,904, resistance at $2,970-$2,988 per troy ounce.
Silver (Comex): Support at $32.40-$32.16, resistance at $33.00-$33.30 per troy ounce.
Gold (MCX): Support at ₹85,450-₹85,100, resistance at ₹86,325-₹86,650.
Silver (MCX): Support at ₹94,400-₹93,800, resistance at ₹95,850-₹96,600.
Jain suggests buying silver on dips around ₹94,800 with a stop loss at ₹94,200 and a target of ₹96,000.
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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
