Platinum leads gains, gold and silver show limited follow-through amid tariff tension
Platinum rallies for seventh day as gold and silver stall.
Precious metals are showing divergent momentum this week, driven by a blend of geopolitical tensions and shifting US tariff policy.
Platinum has led the pack as it is on track to log its seventh consecutive daily gain, extending the bullish momentum seen over the past week.
On Tuesday, April 15, platinum surged above the 950.0 resistance level and topped the prior day’s high of 958.0, reaching an intraday peak at 961.3, its highest in over eight days. Gains during the Asian and European sessions totalled over 1%, placing platinum within range of testing the 962.8 resistance, where both the 50-day and 100-day exponential moving averages converge.
Gold, Silver, Platinum price dynamics (Feb 2025 - April 2025). Source: MT4
Gold, by contrast, is trading in a tight range and struggling to gather momentum despite approaching record territory. The yellow metal hovered near $3220 throughout the Asian and European sessions on Tuesday, just below its recent all-time high of $3248. It recorded modest intraday gains of 0.4%, reflecting a wait-and-see stance from traders who may be eyeing either a breakout to new highs or signs of exhaustion near peak levels.
Silver displayed similar indecision. The metal hovered around $32.28, posting a slight intraday decline of 0.2%. Technical support from the 50-day EMA at $31.2 is holding firm, and a bounce from this level could extend silver’s bullish sequence into a fifth consecutive session. A higher push would put the 32.75 resistance in focus. However, the daily RSI is flat and positioned at neutral, indicating a lack of clear directional momentum in the near term.
U.S. tariff reprieve fails to lift gold and silver, but trade tensions still dominate
Overall, platinum has taken the lead among precious metals this week, while gold and silver wait for stronger directional cues from macroeconomic developments and key technical breakout levels.
The short-term rally in platinum today coincides with renewed investor demand for precious metals as geopolitical and economic concerns surrounding US-China trade tensions take centre stage. Although a temporary reprieve from US tariffs on selected electronic goods provided a brief lift to sentiment, the broader trade environment continues to fuel safe-haven demand for metals.
Gold dropped nearly 1% to $3200 after the U.S. eased tariffs on Chinese tech. The pullback followed last week’s 7% surge that pushed gold to a record $3248.
