Despite the pullback, gold’s downside was limited. “Persistent concerns about trade disruptions and expectations of Federal Reserve rate cuts have helped stabilize gold prices,” said a commodities strategist at a Hong Kong-based brokerage.

Silver Trades Lower but Remains Supported by Broader Risks

Silver (XAG/USD) traded at $34.79 per ounce, reflecting modest losses as the precious metal followed gold’s trajectory. The dip comes amid an uptick in risk sentiment, as investors rotated into equities. However, expectations of Fed easing and sustained global uncertainties have kept silver’s downside in check.

Market expectations lean toward the Federal Reserve delivering at least two rate cuts in 2025, a view bolstered by recent comments from Fed officials. Traders now await key US economic releases, including the JOLTS Job Openings report and Friday’s Nonfarm Payrolls (NFP) data, which could influence both the dollar and precious metals.

“While stronger-than-expected US jobs data may lift the dollar in the near term, the overarching narrative of a dovish Fed remains supportive for gold and silver,” noted an analyst at a Singapore-based investment firm.

With geopolitical tensions and trade uncertainties persisting, the broader market sentiment remains favorably inclined towards safe-haven assets, positioning gold and silver as key beneficiaries in a volatile global environment.

Short-Term Forecast

Gold consolidates near $3,360, eyeing a breakout above $3,365. Silver holds support at $34.41; a push above $34.79 could target $35.50. Key levels hint at swift moves.