Gold, Silver Prices Rise on Safe-Haven Demand

Gold prices rose sharply, driven by strong safe-haven demand. The metal broke above the $5,200 barrier. Geopolitical uncertainty and ongoing trade conflicts fueled risk aversion among investors. Gold currently trades at $5,193 per ounce on the two-hour chart.

Trade tensions intensified following President Donald Trump’s new import tax plans. His administration introduced a 10% tariff after the Supreme Court blocked earlier efforts. There is a possibility this tariff could increase to 15%.

US-Iran nuclear talks also added to market nervousness. The third round of discussions is approaching. Gold maintains a position above its key $5,155 support level. Near-term support comes from the 50-period moving average at $5,140.

The overall trend for gold remains bullish, with the 200-period moving average far lower at $5,046. Resistance levels to watch are $5,292 and $5,331 if gold breaks above $5,247. Silver also saw activity, trading around $89.20 per ounce.

Silver pulled back slightly towards its $88.70 support line. This level is part of a clear rising channel. The price holds above the 50-day Exponential Moving Average (EMA) at $87.90. The upper channel boundary sits at $94.80 resistance.