(Kitco News) - Gold prices are near steady in early U.S. trading Friday after prices late this week hit record highs. April gold hit a record high of $2,859.50 overnight. Silver hit a six-week high overnight. Safe-haven demand continues in the two precious metals. The marketplace remains nervous regarding the new U.S. presidential administration’s trade and foreign policies, including new trade tariffs. April gold was last down $0.70 at $2,844.50. March silver was up $0.182 at $32.675.
President Trump is poised to implement his first wave of trade tariffs Saturday, with Canada and Mexico in his crosshairs. A Wall Street Journal headline today reads: “Trump tariff deadline puts world on edge.”
There are reports of physical gold hoarding in the U.S. that is attracting attention with the schedule for deliveries of physical gold out of the Bank of England that has lengthened from days to months. Focus is currently on a major inventory build on COMEX in the U.S., pushing the spread between London and New York bullion to record highs, according to the respected broker SP Angel.
Asian and European shares were mixed overnight. European stocks are set for their biggest monthly gains in two years. Many China markets remained closed for the new year holiday. U.S. stock indexes are set to open higher when the New York day session begins.
U.S. officials are continuing to question whether DeepSeek eluded U.S. computer chip restrictions to generate its new AI model.
The key outside markets today see the U.S. dollar index solidly higher. Nymex crude oil futures prices are near steady and trading around $72.50 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently at 4.531%.
U.S. economic data due for release Friday includes personal income and outlays, the employment cost index and the Chicago ISM business survey.
Technically, April gold futures bulls have the strong overall near-term technical advantage. Prices are trending up on the daily bar chart. Bulls’ next upside price objective is to produce a close above solid resistance at $2,900.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at this week’s low of $2,760.20. First resistance is seen at the overnight contract high of $2,859.50 and then at $2,875.00. First support is seen at $2,822.10 and then at $2,800.00. Wyckoff's Market Rating: 9.0.
March silver futures bulls have the overall near-term technical advantage amid a price uptrend in place on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the December high of $33.33. The next downside price objective for the bears is closing prices below solid support at $30.00. First resistance is seen at $33.00 and then at $33.33. Next support is seen at $32.50 and then at $32.00. Wyckoff's Market Rating: 6.5.
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