Gold, Silver, Platinum Forecasts – Safe-Haven Demand and Chinese Buying Drive Bullish Momentum

Gold Market Summary

Gold is trading up 2.15% on the day at $3,365, driven by safe-haven demand after former President Trump threatened 50% tariffs on EU imports, reigniting geopolitical tensions. The U.S. dollar index has slipped 0.7%, making gold more appealing to foreign buyers. Market sentiment has turned defensive, with equities under pressure and gold drawing fresh bids.

Technically, spot gold has bounced strongly off support near $3,240 and is now approaching the $3,400–$3,450 resistance area. A breakout above $3,500 could fuel momentum toward $3,800, according to RJO Futures. With gold firmly above its 50-day SMA at $3,199, the short-term trend remains bullish.

Silver Market Summary

Silver is currently up 1.15%, last trading at $33.49. The metal is testing overhead resistance near the $33.70–$34.00 range, fueled by strength in gold and broader safe-haven interest. The 50-day SMA at $32.76 continues to support the uptrend, but bulls need a clean break above $34 to confirm another leg higher. With risk sentiment souring and gold in rally mode, silver is holding gains, but the session close will be critical for near-term direction.

Platinum Market Summary

Platinum continues its breakout, trading 1.47% higher at $1,095. Speculative buying picked up after the price cleared the $1,000 level earlier this week. Chinese demand remains a key driver, with April imports rising 47% month-over-month.

The rally is supported by tightening supply and investor rotation out of high-flying gold into relatively cheaper platinum. While technicals remain strong above the 50-day SMA at $979, traders note that elevated above-ground stocks could limit sustained upside. Platinum is eyeing further gains if it holds above the $1,090–$1,100 region into the close.

More Information in our Economic Calendar.