Gold price hits record high amid elevated risk aversion

(Kitco News, Tues. April 1st, 2025) – Gold prices are modestly higher and hit record highs Tuesday. June Comex gold futures scored a new all-time high of $3,177.00 an ounce. Anxiety in the general marketplace is prompting more and more traders and investors to buy gold, including central banks. June gold was last up $13.60 at $3,163.90. May silver prices were last up $0.094 at $34.705.

Asian and European stock markets were mostly up in overnight trading. U.S. stock indexes are pointed to lower openings today in New York. The S&P and Nasdaq indexes just finished their worst quarters since 2022. Risk aversion remains elevated ahead of the Wednesday date for the start of new U.S. tariffs against other countries that trade with the U.S.

Said David Morrison from Trade Nation today in an email dispatch: “Usually, after a disappointing first quarter, investors look forward to better opportunities ahead. But that doesn’t appear to be the case now. Instead, there’s one word which comes up repeatedly when attempting to describe the current trading environment, and that is: uncertain. And the reason for that uncertainty is, of course, Trump’s tariffs. President Trump has promised ‘retaliatory’ tariffs on all U.S. trading partners, along with a 25% levy on U.S. car imports, starting tomorrow. …The trouble is that there have been so many contradictory statements about what this may mean, that markets can’t handicap the outcomes.“

The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil futures prices are near steady and trading around $71.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.159%.

U.S. economic data due for release Tuesday includes the weekly Johnson Redbook retail sales report, the U.S. manufacturing purchasing managers index (PMI), the ISM report on business manufacturing, the RCM/TIPP economic optimism index, construction spending, the jobs and labor turnover (JOLTS) survey, the global manufacturing PMI and domestic auto industry sales.

Technically, June gold futures bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,200.00. Bears’ next near-term downside price objective is pushing futures prices below solid technical support at $3,031.00. First resistance is seen at the overnight contract high of $3,177.00 and then at $3,200.00. First support is seen at the overnight low of $3,152.20 and then at $3,125.00.

May silver futures bulls have the solid overall near-term technical advantage. Prices are in a choppy, three-month-old uptrend on the daily bar chart. Silver bulls’ next upside price objective is closing prices above solid technical resistance at the October 2024 high of $35.80. The next downside price objective for the bears is closing prices below solid support at $33.165. First resistance is seen at $35.00 and then at the March high of $35.495. Next support is seen at this week’s low of $34.165 and then at $34.00.

Posted by;

Jack Dempsey, President

401 Gold Consultants LLC

jdemp2003@gmail.com