Gold Prices Prediction For April 2025: Will Yellow Metal Continue To Rally At Fresh Historic Highs Ahead?

Gold prices in India continued to perform near its historic highs in March. So far, the year 2025 has been bullish for yellow metal. 24K gold price touched its highest level of Rs 90,660 per 10 grams in late March, while MCX gold hit its new all-time high of Rs 89,946 per 10 grams. The performance tracked a record rally of Comex gold which hit its highest level of 3057.31 an ounce. Currently, prices have corrected slightly, but gold continues to outperform other investment assets globally. Will the bullish trend continue in April?

The most awaited driving factor for gold is Trump's tariff plans, which will be implemented on April 2.

As per Trading Economics, while President Donald Trump's tariff plan, set for April 2, is expected to be more targeted and limited than his previous pledges, the new round of duties would still mark a significant escalation for the US and its trading partners.

Additional factors that have played a key role for lifting yellow metal are geopolitical tensions between Russia-Ukraine and Israel with Gaza. The US has also stepped in to reach agreements between Ukraine and Russia, while the White House is likely going to offer relief in sanctions to Moscow. Moreover, fireballs have intensified in the skies of Gaza as Israel resumed its mission to eliminate Hamas.

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Other factors would be the performance of dollar and treasury yields, coupled with trade tensions and the upcoming rate cut scenario from the Fed.

World Gold Council said, "As the April 2 - when the US will release its plan of reciprocal tariffs at all partners they believe treat US exporters unfairly - approaches, safe-haven buying for gold may continue. Meanwhile, geopolitical risks may provide additional boosts to gold should they remain elevated."

"Gold has extended its uptrend above the psychologically important $3,000 barrier for a test and rejection as we suspected of Fibonacci resistance at $3,040/3,050 also now trend resistance from April 2024, seen a touch higher this week at $3,082. With daily and weekly RSI momentum still unable to confirm the new highs and with the market nearly 15% above its 200-day average (and several standard deviations) our bias remains for this to cap for now and for a consolidation phase to emerge," WGC report said.

Long term trend is seen to be bullish. WGC's report said, "We see no technical reason not to see a sustained move above $3,050 in due course with resistance seen at $3,082 initially ahead of $3,100/3,107 and eventually $3,350."

Meanwhile, Christian Nolting, Global CIO at Deutsche Bank said, "Since the beginning of the year, gold prices have continued their sequence of hitting new record highs. Strong demand from central banks and Asian investors continues. Prices were also supported by buyers of gold ETCs, particularly in North America, and robust long positioning by investors on the U.S. futures exchanges."

Nolting explained that gold thrives as a "safe haven" in times of high political uncertainty (particularly when caused by tariffs or trade conflicts) and benefits from its reputation as a protection against inflation. State budget deficits remain a bullish factor, too.

"Due to the strong long positioning on the U.S. futures exchanges, there may be occasional profit-taking and short-term price setbacks, as has recently been the case. In the medium term, however, we believe that a continuous upward trend in gold prices is intact and our forecast is USD3,250/oz for March 2026," Nolting added.

While other market analysts are predicting COMEX gold to touch around $3,100 to $3,150 per ounce levels.

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