Gold Maintains $3,327 Level as Markets Observe Good Friday Pause

Gold prices consolidated near record highs on Good Friday, trading at $3,327.37 per ounce with a modest gain of 0.20%. Trading activity remains subdued as major markets observe the holiday weekend.

The precious metal reached an unprecedented peak of $3,357 yesterday before experiencing profit-taking. President Trump’s new tariff investigations on Chinese mineral imports continue to fuel market uncertainty.

Beijing has responded aggressively by threatening restrictions on essential mineral exports for semiconductor production. This escalating trade conflict drives investors toward gold as a safe-haven asset amid growing economic concerns.

The US dollar’s weakness, hovering near a three-year low, makes gold more attractive to foreign investors. Central banks, particularly China’s, keep accumulating gold reserves as they diversify away from US Treasuries.

China has increased its gold reserves for five consecutive months amid mounting global tensions. Gold ETFs registered their largest quarterly inflow in three years during Q1 2025.

Global funds attracted 226.5 metric tons worth $21.1 billion, with US-listed funds leading at 133.4 tons. Chinese gold ETFs have shown remarkable activity, increasing by 29.1 metric tons in just the first eleven days of April.

Not all markets follow the same trend. Indian gold ETFs experienced outflows of Rs 77.21 crores in March after ten consecutive months of inflows. Market analysts attribute this reversal to profit-booking following sharp price increases earlier this year.

Bullish Momentum in Gold Markets

Technical indicators remain bullish despite yesterday’s pullback. Gold continues moving within an upward channel with strong momentum. Key support levels exist around $3,294 and $3,267, while primary resistance sits at the recent high of $3,357.

Investment banks rapidly revise their price targets upward as bullion maintains its strength. Goldman Sachs boosted its year-end gold forecast to $3,700 per ounce.

Citi Research suggests prices could test $3,500 within the next three months based on Chinese insurance demand and macroeconomic instability. Traders watch for the next fundamental development that might drive the market further.

The Fed’s cautious stance on interest rates adds support for precious metals. Inflation concerns and recession fears continue pushing institutional investors toward gold.

Gold prices in India also reflect global trends, with domestic rates climbing approximately 23% since January. The fundamental drivers behind gold’s rally show little sign of abating as geopolitical and economic uncertainties persist worldwide.

LatAm Markets: Live Signals → — real-time movers, turnover leaders and FX across Latin America.