Gold pulled back today as traders took profits after a recent rally. The metal had risen on worries over President Trump’s plans to raise global tariffs to 15% from the current 10%.
Tariff uncertainty initially boosted demand for gold as a safe-haven asset. However, a rebound in U.S. equity markets increased investor risk appetite, putting pressure on gold. Geopolitical tensions also eased as U.S.-Iran negotiations are set to continue, reducing gold’s premium.
Gold found support near the $5100 to $5120 range. A drop below this level could lead to a test of the next support zone at $4880 to $4900.
Silver continued its attempts to settle above its resistance level of $86.00 to $87.00. The gold/silver ratio fell below 59.00, heading towards its 50-day moving average at 57.89. This move could be bullish for silver.
Platinum swung between gains and losses as traders focused on gold markets and awaited tariff news. Palladium, another precious metal, gained almost 2% today, but this did not provide support to platinum prices. Platinum remains below its 50-day moving average at $2214.