Gold stalls, silver and platinum spike as U.S. dollar dips on strong durable goods data
Gold remains awaiting a breakout
Gold, silver, and platinum have shown varying price movements as traders respond to fresh U.S. economic data and uncertainty surrounding President Trump’s upcoming tariff announcement on April 2. While silver and platinum rebounded from a four-day decline, gold remains stuck in consolidation, awaiting a breakout.
Gold has been range-bound between $3,040 and $3,000 since late last week, showing resilience despite shifting economic conditions. Even after the release of U.S. Durable Goods Orders data, gold remained within its tight range, trading around $3,027.
Silver, however, saw stronger momentum the previous day, breaking past the $33.40 resistance and reaching a three-day high of $33.80. The metal remained in a tight range for most of today’s Asian and European sessions before spiking to a four-day high of $33.93 following the U.S. data release. If bullish momentum continues, silver could target a fresh five-month high at $34.22.
Silver price dynamics (March 2025). Source: TradingView
Platinum also saw an initial recovery, reaching a two-day high before retracing to the 50% Fibonacci level near the $975.0 support. The durable goods report provided a rebound catalyst, pushing platinum to $981.0 in the North American session.
Positive U.S. durable goods orders could weigh on gold, silver and platinum prices
The U.S. Durable Goods Orders report showed a much stronger-than-expected increase of 0.9% versus the forecasted 0.2%. The immediate reaction was a selloff in the U.S. dollar, providing support for precious metals. However, uncertainty surrounding Trump’s potential trade tariffs remains a key factor influencing sentiment, keeping gold in consolidation.
A contrarian argument is that the recent dollar dip may be temporary because the news was a positive sign for the U.S. economy. If the U.S. dollar Index resumes its recent uptrend above 104.33, it could weigh on gold, silver and platinum prices. Additionally, any clarity from Trump that de-escalates trade tensions might reduce demand for safe-haven assets.
Gold, silver, and platinum pulled back as reports suggested Trump might scale back planned tariffs. The metals tested support levels but remained in bullish territory on the daily RSI.
