Gold prices continued their bullish momentum on Friday, March 28, 2025, driven by heightened concerns over the economic fallout of U.S. President Donald Trump’s aggressive tariff policies. As a result, MCX Gold April contracts traded 0.54% higher at ₹88,865 per 10 grams in the early session.
Key Highlights
Record High in International Gold: Spot gold hit a record high of $3,077.44 per ounce, reflecting strong demand for safe-haven assets amid escalating trade tensions.
Tariff Concerns: Trump’s announcement of a 25% tariff on automobile imports has fueled fears of retaliatory tariffs, intensifying global trade uncertainties and prompting investors to flock to gold.
Gold’s Year-to-Date Gains: Gold prices have risen by more than 15% this year, supported by tariff concerns, expectations of U.S. interest rate cuts, geopolitical tensions, and central bank buying.
Mixed U.S. Economic Data: U.S. GDP growth for Q4 was revised to 2.4%, slightly above expectations. Meanwhile, unemployment claims showed a slight decline, reinforcing the notion of mixed economic signals from the U.S.
Price Levels to Watch
Gold: Support levels are at ₹88,270-87,980 and resistance at ₹88,790-88,990 in INR terms.
Silver: Support at ₹1,00,850-1,00,000, resistance at ₹1,02,220-1,02,950.
Rahul Kalantri, VP of commodities at Mehta Equities, emphasized that gold has support at $3,050-$3,032 and resistance at $3,092-$3,110. For silver, support is at $34.20-$33.95, and resistance is at $34.76-$35.10.
Strategy for MCX Gold and Silver
Experts suggest that both gold and silver prices could remain volatile in the near term, and traders should stay alert to key support and resistance levels.
Manoj Kumar Jain of Prithvifinmart Commodity Research recommends:
Buy Gold above ₹89,100 with a stop loss of ₹88,740, targeting ₹90,000.
Buy Silver around ₹1,00,700 with a stop loss of ₹1,00,100, targeting ₹1,02,000.
Key Levels for MCX Gold and Silver
MCX Gold: Support at ₹89,000-88,740, resistance at ₹89,660-90,000.
MCX Silver: Support at ₹1,00,700-1,00,000, resistance at ₹1,01,950.
Conclusion
As gold prices are bolstered by geopolitical tensions and trade uncertainties, traders should watch for key support and resistance levels and trade with caution.
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