Gold, silver, and platinum prices extend gains as traders hedge against tariff-inflation risks
Prices for gold, silver and platinum continue to rise
Gold price surged to a fresh all-time high of $3,085 per ounce on Friday, fueled by safe-haven demand and mounting inflation concerns. Silver and platinum also extended their gains as investors sought refuge from economic uncertainty, shifting funds out of equities and cryptocurrencies into precious metals.
Gold's rally has been strong, rising 1.37% on Thursday and adding another 1% during Asian and European trading on Friday. This pushed its 2025 year-to-date gain to 17.65%. However, after hitting $3,085, gold retraced to $3,066 before stabilizing near $3,074. Overbought conditions are evident, with the Relative Strength Index (RSI) hovering above key thresholds across multiple timeframes. Despite this, the 2025 uptrend remains intact, with the next psychological resistance level at $3,100.
Gold price dynamics (March 2025). Source: TradingView.
Silver also followed a similar path, climbing past last week’s high of $34.22 to a five-month peak near $34.50. This lifted silver’s 2025 gains to 19.44%. After pulling back to $34.22 in the Asian session, it rebounded in the European session and now trades near $34.90, closing-in on $35.00, a level unseen in over a decade. Platinum, on the other hand, also surged above its previous five-day highs to reach $991.20 but has since retreated to $982.00, remaining within its weekly trading range.
Investors await U.S. PCE data to gauge next move for gold, silver, and platinum
The latest price action reflects growing economic uncertainty as investors reallocate capital from riskier assets amid concerns over the impact of President Donald Trump’s tariffs on inflation. Recession and stagflation risks have heightened demand for gold and silver as hedges against economic instability.
Later today, Friday March 28, the U.S. Personal Consumption Expenditures (PCE) inflation report is set for release. Core PCE is expected to hold at 0.3% month-over-month, with the headline figure also at 0.3%. If today’s PCE data stokes fears of stagflation or a recession, precious metals may see continued upside. Conversely, signs of easing inflation could trigger profit-taking, pressuring gold and silver off their recent highs.
The U.S. dollar sell-off after strong durable goods data, affecting metal prices. Gold remained in consolidation, while silver and platinum rebounded from a four-day decline.
