(Kitco News) - Gold prices are sharply higher and hit more record highs in early U.S. trading Monday. June Comex gold futures notching a new all-time high of $3,159.30 an ounce. Strong and sustained safe-haven demand is propelling the yellow metal still higher. June gold was last up $41.60 at $3,155.90. May silver prices were last up $0.056 at $34.87.
Risk aversion is highly elevated on this last trading day of the month and of the quarter. There are widespread worries about global economic growth as more U.S. trade tariffs are set to go into effect on Wednesday, April 2. Reads a Barrons headline today: “Trump tariffs are a nightmare for stock markets.”
Asian and European stock markets were mostly lower in overnight trading. U.S. stock indexes are pointed to solidly lower openings and at multi-month lows today in New York.
The key outside markets today see the U.S. dollar index slightly down. Nymex crude oil futures prices are slightly up and trading around $69.75 a barrel. The yield on the benchmark 10-year U.S. Treasury note is presently 4.192%.
Gold prices soared more record highs overnight on keen safe-have demand. Reports said Goldman Sachs is forecasting gold prices could briefly spike to $4,500 this year.
Reports say European credit spreads, currently tight, could widen considerably amid the concerns about global tariff wars.
U.S. economic data due for release Monday includes the Chicago ISM business survey and the Texas manufacturing outlook survey.
Technically, June gold futures bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,200.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $3,031.00. First resistance is seen at the overnight contract high of $3,124.40 and then at $3,150.00. First support is seen at the overnight low of $3,096.30 and then at $3,075.00. Wyckoff's Market Rating: 9.5.
May silver futures bulls have the solid overall near-term technical advantage. Prices are in a choppy, three-month-old uptrend on the daily bar chart. Silver bulls' next upside price objective is closing prices above solid technical resistance at the October 2024 high of $35.80. The next downside price objective for the bears is closing prices below solid support at $33.165. First resistance is seen at the overnight high of $35.495 and then at $35.80. Next support is seen at $35.00 and then at $34.56. Wyckoff's Market Rating: 7.5.
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