Gold price outpaces silver and platinum as trade uncertainty drives record-breaking rally
Gold price hits record $3,150 as Fed rate cut bets and trade fears rise.
Precious metals are kicking off the second quarter with mixed momentum, led by gold's record-breaking rally to $3,150 as US trade policy uncertainty and expectations of Fed rate cuts continue to drive market sentiment.
Gold price is off to a strong start in the second quarter, extending its upward momentum after posting a 19% gain in Q1. The metal has surged for four consecutive days, reaching a new all-time high of $3,150 per ounce in today’s Asian session.
This bullish momentum comes despite overbought conditions in multiple timeframes. With sustained strength, gold is on track to surpass $3,200 before the end of the week.
Gold, Silver, Platinum price dynamics (March 2025). Source: MT4.
Silver finds support at key moving averages while platinum battles $1,000 resistance
After hitting a fresh five-month high of $34.5 last week, silver has been on a two-day decline. The European session sees it trading below this key level, indicating that the recent pullback may be a retracement within a broader uptrend. The 50 and 100-period EMAs on the four-hour chart have provided support, suggesting that silver could reverse course and resume its climb.
Platinum started the week on a strong note, aligning with its broader Q1 uptrend. However, the $1,000 psychological level continues to act as a barrier. Despite multiple attempts to break through, it remains a key pivot point. As the European session unfolds, platinum trades near $989.5 after a pullback from $1,000 in the Asian session. A decisive move above this level could set the tone for an extended bullish trajectory in Q2.
Investor demand for gold has been strong due to uncertainty surrounding U.S. trade policies and the upcoming April 2 “Liberation Day.” Additionally, the growing expectation that the Federal Reserve will resume its rate-cutting cycle soon keeps U.S. Treasury yields under pressure. As a result, a weaker dollar is failing to attract buyers, hence, it will continue to support gold's rise as a non-yielding asset.
Gold hit a record high of $3,128 per ounce as renewed safe-haven demand pushed prices up. This marks a 19% gain in Q1, though the overbought RSI suggests potential profit-taking.
