Gold Commends Safe-Haven Status with a Bounce Back Amid Global Tensions

Fundamental News and Triggers

Gold rebounds and keeps an eye on Russia-Ukraine peace talks

• As concerns about a possible global trade war fueled demand for safe-haven assets, uncertainty about U.S. President Donald Trump’s tariff proposals continued to drive gold’s strength today.

• In terms of geopolitics, a group of European leaders decided during a conference in Paris on Monday that they were prepared to provide Ukraine with security assurances, but that it would be risky to reach a truce without also reaching a peace deal.

• To discuss the ongoing conflict between Russia and Ukraine and to strengthen bilateral ties, top Russian and American officials, including foreign ministers, will gather in Saudi Arabia today. Three years after Ukraine’s invasion, the conference is expected to be significant because of the US’s role in promoting peace.

Technical Triggers

• Gold Apr Futures have rebounded above $2925 (~Rs 85500) again, taking support around $2985 (~Rs 84600) in the last two days. Next Resistance is $2945 (~Rs 85900) and $2965 (~Rs 86300) to maintain its upward momentum of $3000 (~Rs 87500) in a few days.

• Silver March Futures is facing the resistance of $33 (~Rs 96000), prices need to sustain above this level to trend higher towards the target of $35 (~Rs 101,000).