Gold, silver rates today: Gold and silver prices extended their rally for a third straight session on Wednesday, April 1, after US President Donald Trump said he expects the war with Iran to conclude within two to three weeks.
The COMEX gold rate today was trading 1.25% up to $4,737 per ounce, after gaining 3.5% in the previous session. Meanwhile, the COMEX silver rate today was up 0.42% to $75.23 per ounce during the Asian trading hours.
What's driving gold and silver prices today?
US President Donald Trump indicated that Washington had largely achieved its military objectives and suggested that responsibility for resolving tensions around the Strait of Hormuz should now fall to other countries.
Earlier on Tuesday, Iranian state media cited President Masoud Pezeshkian as saying that Iran is willing to end the conflict, provided its conditions are fulfilled, according to a Bloomberg report.
Although bullion prices have recovered in recent days, they still recorded a nearly 12% drop in March, marking the steepest monthly decline since October 2008.
The ongoing Middle East conflict, now in its fifth week, has disrupted global markets and constrained the supply of energy and other commodities, raising fears of both rising inflation and slowing economic growth.
The report further said that the traders are closely monitoring remarks from the Federal Reserve for signals on future interest-rate decisions.
Attention in the bond market has shifted from inflation concerns to the war's potential impact on economic growth, especially after Fed Chair Jerome Powell noted that long-term inflation expectations remain stable.
Gold and silver prices outlook
According to Ponmudi R, CEO of Enrich Money, gold prices' overall structure continues to reflect underlying weakness, with persistent geopolitical tensions in the Middle East offering only intermittent safe-haven support, providing a limited cushion to prices.
"A sustained move above $4,650 could extend the rally toward $4,750-$4,800, with further upside potential toward $4,900, where stronger supply pressure is likely to emerge. On the downside, a sustained break below $4,400 may accelerate weakness toward $4,300, with further downside extending toward the $4,100 level. Overall, the structure remains cautiously positive as long as prices hold above key support levels," Ponmudi said.
On the silver prices outlook, he added that the broader trend now reflects a gradually improving tone, supported by safe-haven interest and resilience in industrial metals, which continues to provide a supportive base to prices.
"On the upside, the $72-$74 zone continues to act as an immediate resistance band. A sustained and decisive move above $75 would signal strengthening bullish momentum and may open the door for an advance toward $78-$80, where selling pressure is likely to emerge. However, a failure to hold above $70 could reintroduce downward pressure, potentially dragging prices toward $66 in the near term, with stronger support placed in the $64-$61 region," Ponmudi said.
(Report by Mint with inputs from Bloomberg)
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