Global Gold Prices Rebound Amidst US Political Uncertainty and China’s Market Reopening
According to the Economic Desk of Webangah News Agency, the price of spot gold, after experiencing a decrease of over one percent yesterday, rose by 0.7 percent to $5181.95 per ounce in today’s trading. In the US futures market, gold for April delivery increased by 0.5 percent to $5200.40 per ounce.
Silver for immediate delivery also saw a significant increase of 2.4 percent, reaching $89.44 per ounce, following its surge to a more than two-week high on Monday.
Kyle Rodda, Senior Markets Analyst at Capital.com, commented that the reopening of the Chinese market, coupled with increased political uncertainty in the United States, has maintained the appeal of gold and to some extent, silver. He added that there remains ample room for further gold price increases, particularly if factors such as US financial trade and foreign policy continue to support this trend.
A White House official announced that the United States commenced imposing a temporary 10 percent tariff on global imports on Tuesday, with Washington reportedly seeking to raise this to 15 percent. This move has generated confusion regarding the Trump administration’s tariff policies. Concurrently, two Federal Reserve officials indicated no inclination to alter the central bank’s interest rate policy in the short term. According to CME’s FedWatch Tool, traders are currently anticipating three 25-basis-point interest rate cuts from the Federal Reserve this year.
Reuters technical analyst Wang Tao suggested that gold may stabilize around the support level of $5140 and attempt to retest the resistance level of $5244. Tao further noted that the immediate resistance level is $5205, and breaking this level could lead to a price increase for gold within the range of $5221 to $5244.
In other precious metals markets, platinum prices rose by 3.1 percent to $2234.75 per ounce, and palladium increased by 2.2 percent to $1807.27 per ounce.
