Gold leaves platinum and silver behind as safe-haven flows spike on U.S. political tensions
Gold hits $3,500 on Fed pressure, weak dollar, and safe-haven demand.
Gold price continues to lead the precious metals market, rising on political pressure against the Federal Reserve and persistent weakness in the U.S. dollar.
The metal touched a high of $3,500 per ounce in Tuesday’s Asian session after opening at $3,423, a 2.2% intraday surge. By the European session, it pulled back slightly to $3,465, holding a 1.2% daily gain.
Gold is now up 4% this week and 11% month-to-date. Technically, gold is in overbought territory based on RSI readings. That signals possible short-term exhaustion, but the broader uptrend may remain intact as long as the dollar trades below resistance at 98.70.
Gold, Silver, Platinum price dynamics (Feb 2025 - April 2025). Source: MT4
Silver price, which rallied from its April 7 low, has been trading within a five-day consolidation phase. Price continues to trade between support at $32.08 and resistance at the 0.786 Fibonacci level at $33.20. On Tuesday, silver opened at $32.66, hit $32.90, then dropped 1.9% to $32.27 where the 20- and 50-day EMAs provided support. Price has since bounced to $32.40. Due to the daily RSI sitting in neutral territory, the consolidation could extend further.
Platinum up 9% since April 7 as bullish RSI supports retest of Fibonacci level
Platinum bullish momentum is also slowing down after a strong run since April 7. The metal price climbed 9% from $896.5 to a three-week high at $978 where it faced resistance at the 0.786 Fibonacci level that caused the price to dip to $963. On Tuesday, it opened at $959.4 on the 20-day EMA, bounced to $975, but has since eased to $968 in the European session, recording a 0.5% gain for the day. Platinum daily RSI is currently in bullish territory, which suggest that there’s room for another retest of $978.
Gold rally reflects investor’s safe haven preference among precious metals. U.S. President Donald Trump criticized Fed Chair Jerome Powell for keeping interest rates high, warning of a potential economic slowdown if monetary policy doesn’t shift quickly. This has cast doubt on the Fed’s independence and increased uncertainty over the U.S. economy.
Jefferies analysts added weight to this sentiment, stating that gold may be the “only true safe-haven asset left.” They pointed to the recent Treasury sell-off and concerns over U.S. fiscal stability as reasons investors are rotating away from traditional U.S. assets.
Gold extended gains despite overbought RSI, supported by macro risks and a weaker dollar. Silver and platinum stalled below key Fib resistance, signaling technical hesitation.
