Silver Rises Over 120% YTD 
Gold prices strengthened by 0.5% to $3,128.76 an ounce on Friday, continuing its upward momentum after hitting a record $3,167.57 earlier this week, as investors fled to safe-haven assets amid heightening global trade conflicts.
China’s finance ministry announced retaliatory 34% tariffs on all US goods effective April 10, responding to President Trump’s announcement of a 10% baseline tariff on all US imports with higher duties for major trading partners.
Despite some price volatility, analysts remain bullish, with City Index’s Matt Simpson suggesting strong support around $3,080 and Wisdom Tree’s Nitesh Shah projecting gold could approach $3,600 by early 2026.
Physical gold demand has increased in China while Indian buyers are holding back, anticipating price drops. Meanwhile, silver has fallen 1.5% to $31.40, heading for its worst weekly performance since December 2023.
