14.04.2025
Sholanke Dele
Analyst at Traders Union
14.04.2025

Gold, silver, and platinum prices cool off as risk appetite returns following tariff relief

Gold, silver, and platinum prices cool off as risk appetite returns following tariff relief Duty relief has reduced demand for precious metals

​Gold, silver, and platinum prices are cooling-off today amid the remarkable gains that were posted the previous week. The shift comes after the U.S. eased tariffs on some Chinese tech imports, improving market sentiment and cutting into demand for safe-haven metals.

Gold led the charge last week, rising 7% to hit a record high of $3248 per ounce and pushing its year-to-date return to 23%. But today, the metal is down nearly 1%, slipping to $3200 in the North American session. The tight consolidation just below the peak reflects hesitation. If the pullback deepens, the previous record at $3168 now acts as a nearby support level.

Gold, Silver, Platinum price dynamics (Feb 2025 - April 2025). Source: MT4

Silver followed suit, breaking through its 100-day EMA at $31.72 and climbing to a 7-day high of $32.4. However, like gold, silver has pulled back and now trades at nearly $32.11, down 0.5% today. Still, the metal has closed higher for three straight days and could attempt another push to challenge resistance at $32.75, especially if it holds the 100-day EMA.

Platinum sixth-day rally fades near $985 as death cross pattern emerges

Platinum opened strong on Monday, rising 1.5% to a session high of $985.5, marking its sixth straight day of gains. But momentum faded in the North American session as price pulled back to $950, paring today’s gains to 0.8%. The pullback also puts focus on a bearish technical setup: the 50-day EMA has crossed below the 100-day EMA near $963, a pattern known as a death cross, often viewed as an early sign of a possible bearish trend.

The short-term pullback across the precious metals was triggered by the announcement from President Trump. His administration confirmed that laptops, phones, and other electronics would be exempt from the 125% additional tariffs on Chinese imports, though still subject to the earlier 20% rate. That shift lifted US stock index futures by up to 2%, suggesting a more risk-on mood and softening demand for defensive assets like gold and silver.

The retreat across gold, silver, and platinum reflects a recalibration rather than a full reversal. Prices had stretched far above last week's low, and Monday’s correction likely marks profit-taking as broader markets react to easing trade tensions. Unless safe haven demand picks up again through fresh geopolitical risks or deeper dollar weakness, precious metals may trade sideways or test nearby supports before the next directional move.

Gold posted its strongest weekly gain since 2020, rising 6.7% to a record high of $3240 before easing. Heavy ETF inflows and U.S. tariff concerns fueled the surge in investor demand.

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