Gold Price Analysis for April 28, 2025

Gold opened at $3,293.09 per ounce on April 28, 2025, marking a 0.77% decrease from the prior close. Our Gold Price Analysis for April 28, 2025 unpacks the key economic, geopolitical, technical, and sentiment drivers behind this pullback—and outlines where prices may head before today’s session ends.

Economic Indicators in Gold Price Analysis for April 28, 2025

Inflation Trends and Federal Reserve Guidance

U.S. CPI rose 2.4% year-on-year in March 2025, down from 2.8% in February, signaling moderating core inflation even as energy costs fell 3.3% over the past year Bureau of Labor Statistics. Despite easing price pressures, Federal Reserve officials—including Governor Adriana Kugler—have advocated for keeping policy rates steady at 4.25%–4.50% to ensure inflation moves sustainably toward 2% Reuters. Meanwhile, Cleveland Fed President Beth Hammack emphasized “patience” in any rate moves, suggesting policymakers will await clearer data—likely delaying cuts until at least June

U.S. Dollar Strength and Global Liquidity

A firmer U.S. dollar, up 0.3% against major peers on the day, further weighed on gold’s dollar-priced value, making bullion more expensive for overseas buyers Reuters. With traders pricing in an extended Fed pause, real yields on U.S. Treasuries have ticked higher, eroding gold’s appeal relative to yield-bearing assets.

Geopolitical Risks and Safe-Haven Demand

Trade Tensions and Tariff Negotiations

Easing U.S.–China trade tensions this morning curbed safe-haven flows into gold. Optimistic signals from the White House on possible tariff talks briefly lifted risk appetite, contributing to gold’s opening dip Reuters. Yet China later denied formal negotiations—underscoring ongoing uncertainty.

Global Flashpoints

Although conflicts such as the Russia-Ukraine standoff remain unresolved, today’s headlines were dominated by trade rather than warfare. Still, any flare-up in geopolitical tensions often sends bullion higher—a dynamic to watch if new geopolitical shocks arise.

Technical Analysis of the $3,293.09 Opening Price

Key Support and Resistance Levels

• Immediate support: $3,278.37 and $3,258.03, based on recent bearish objectives under $3,310.92 CentralCharts.
• Next major resistance: $3,329.27 (short-term) and psychological barrier near $3,350 per ounce.

Below $3,278, sellers may target the $3,232 extension zone. Conversely, a break above $3,310.92 could reignite bullish momentum toward $3,339 and beyond.

Moving Averages and Chart Patterns

Gold’s 50-day moving average sits near $3,350, while the 200-day MA hovers around $3,200, framing today’s range-bound trade. A bearish “gap open” on the 15-minute chart suggests sellers held the opening edge CentralCharts. Meanwhile, the Relative Strength Index slipped toward neutral, indicating room for either a relief bounce or further decline.

For an in-depth look at chart formations and indicators, visit our Technical Analysis Hub.

Market Sentiment: ETF Flows and Futures Positioning

ETF Net Inflows

Global gold-backed ETFs saw 226.5 tonnes of inflows in Q1 2025—the largest since early 2022—underscoring institutional demand amid uncertainty Reuters. In mid-April, Western investors added roughly 240 tonnes more, highlighting continued appetite despite record price levels Mining Weekly.

Futures and COT Data

U.S. gold futures net longs remained elevated ahead of today’s session, though easing risk aversion has trimmed speculative positions slightly. Rising open interest confirms that market participants remain engaged, with any uptick in volatility likely to trigger fresh positioning and sudden price swings.

Read more on our Market Sentiment page.

Expectations Until Market Close

Given current momentum:

• Range-bound trading between $3,280 and $3,310 is likely until fresh catalysts emerge.
• A break below $3,278 could open the door to $3,250 support.
• Conversely, a recovery above $3,300 may test $3,320 resistance by close.

Watch for U.S. economic releases—particularly job openings and consumer spending data—which could tip Fed rate expectations and reshape gold flows.

Conclusion

Our Gold Price Analysis for April 28, 2025 finds that the 0.77% opening dip to $3,293.09 reflects a mix of moderating inflation, steady Fed policy, easing trade tensions, and technical pressure ahead of key support levels. Short-term traders should monitor $3,278.37 and $3,329.27 for directional cues, while strategic investors can leverage today’s pullback to reinforce diversification and hedge against lingering uncertainties.

Actionable Takeaways:

1. Watch Fed-sensitive data: Inflation and job figures could swing gold sharply.
2. Mind key technical zones: Support at $3,278 and resistance at $3,329.
3. Follow ETF flows: Continued inflows signal structural demand, even amid pullbacks.