Gold, silver, and platinum benefit from safe-haven demands amid tariff tensions
Gold, silver, and platinum surge after Trump’s tariff pause announcement.
Precious metals have seen a significant rally this week, spurred by a major announcement from U.S. President Donald Trump.
The news of a 90-day tariff pause on 56 countries and the European Union, paired with a 125% tariff hike on China, has shifted market sentiment, driving investors towards safe-haven assets like gold, silver, and platinum.
Gold, after facing consecutive declines earlier this month due to global tariff tensions, found support at $2,956. On April 9, gold surged by 3.5%, rising from $2,980 to $3,080, breaking the psychological $3,000 level. This marked the largest daily gain since the beginning of the year. By Thursday, April 10, gold extended its rally, reaching $3,133 in the Asian session, before pulling back slightly to $3,110 during the European session. The metal is now testing near-term support at $3,100, which will be crucial for sustaining the rally.
Silver and platinum rebound from multi-month lows above key resistance levels
Gold, Silver, Platinum price dynamics (Feb 2025 - April 2025). Source: MT4
Silver, which initially dropped 16% in April, has gained considerable momentum this week. From a multi-month low of $28.30, silver reached $31.30 in today’s Asian session after breaking through key resistance. However, it has retraced slightly in the European session, now trading near the $30.80 level, which has turned into support. If silver holds above this level, it could target the next psychological barrier at $32.
Platinum, which saw a 9% drop earlier this month, has also staged a 4% recovery this week. The metal has posted four consecutive days of gains, peaking at $942.6 during the Asian session on Thursday. As of the European session, platinum is trading at $933.5. The immediate focus for platinum will be the $939 level. A break above this resistance could signal further upside potential.
As geopolitical tensions persist and trade uncertainty remains high, the outlook for precious metals will depend on how markets react to further developments. Gold and silver are watching key support levels to maintain their bullish momentum, while platinum must surpass resistance to confirm whether its rally will continue. If gold, silver, and platinum can hold their recent gains, we may see continued upside. However, any shift in the tariff situation could quickly alter the current price trajectory.
Precious metals struggled despite geopolitical tensions and a weak dollar. The U.S.-China trade conflict dampened market sentiment, limiting potential gains.
