Gold, Silver Platinum price forecast: Renewed upside amid USD weakness and tariff wars
Gold remain near record highs
A softer U.S. dollar and ongoing economic uncertainty surrounding global trade tensions have reinforced demand for the precious metals market.
Gold prices remain near record highs as the new trading week unfolds, with the metal attempting to break above the $3,000 mark once again. Last week’s rally saw gold hit an all-time high of $3,005 per ounce, extending its year-to-date gain to over 14%. However, the sharp surge pushed RSI into overbought territory, leading to a period of price consolidation between $2,980 and $3,000. Despite this, gold has gained 0.4% in today’s European session, keeping bullish momentum intact.
Silver followed a similar trajectory, reaching a five-month high near $34.00 last week, marking an 18% YTD gain. However, price action has been indecisive in today’s session, with limited volatility keeping silver near $33.80. RSI remains in bullish territory, suggesting underlying strength.
Meanwhile, platinum advanced to a four-week high but continues to struggle with the $1,000 psychological resistance, a level that has capped gains since November. The metal has been range-bound between $988 and $1,000 over the past two trading days. With RSI in bullish territory, a breakout above $1,000 could trigger further upside.
Silver price dynamics (July 2024 - March 2025). Source: TradingView
Traders weigh U.S. retail sales data for impact on precious metals
Concerns over a trade war between the U.S. and Europe have intensified after President Donald Trump threatened a 200% tariff on European wine, cognac, and other alcohol imports. This move comes in retaliation to the EU’s planned tariffs on American whiskey and other goods, set to take effect in April. The escalation adds to investor caution, further supporting the precious metal's status as a hedge against geopolitical risks.
Looking ahead, traders are awaiting U.S. retail sales data later today, which could influence the U.S. dollar and impact precious metals. Gold’s ability to reclaim and hold above $3,000 will be a key focus, while silver and platinum remain poised for potential breakouts if bullish momentum continues.
Safe-haven demand drove precious metals higher, with gold nearing the $3,000 mark. Gold posted a fourth straight day of gains but faced resistance as it approached this key level.
