(Kitco News, Friday March 28th, 2025) – Gold and silver prices are higher in early U.S. trading Friday, with June Comex gold futures notching a new record high of $3,124.40 an ounce. Silver prices hit a five-month high overnight. Like a broken record, a steady flow of safe-haven demand is keeping the precious metals prices elevated. Central bank buying of gold also remains a bullish underlying element for the yellow metal. June gold was last up $24.00 at $3,114.90. May silver prices were last up $0.332 at $35.415.
Asian and European stock markets were mostly lower in overnight trading. U.S. stock indexes are pointed to slightly lower openings today in New York. Risk aversion is elevated to end the trading week, as global trade tensions are heightened.
Dow Jones Newswires today reported U.S. President Trump’s “widening trade war prompts investors to seek refuge in the yellow metal.” Dow Jones also said “robust central bank demand” is also driving gold prices north.
China’s leader Xi Jinping said Friday that “globalization is an unstoppable trend” and that multinational companies have a responsibility in maintaining world economic order. The Wall Street Journal called Xi’s comments to western business leaders a “charm offensive.” Xi’s remarks were in stark contrast to U.S. protectionism threats over the past several weeks.
The key outside markets today see the U.S. dollar index slightly up. Nymex crude oil futures prices are near steady and trading around $69.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.334%.
U.S. economic data due for release Friday includes personal income and outlays data, including the inflation gauges, and the University of Michigan consumer sentiment survey.
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 $3,124.40 and then at $3,150.00. First support is seen at the overnight low of $3,096.30 and then at $3,075.00.
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 the overnight high of $35.495 and then at $35.80. Next support is seen at $35.00 and then at $34.56.
Posted by:
Jack Dempsey, President
401 Gold Consultants LLC
jdemp2003@gmail.com