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Gold Price News: Gold Ends Flat After New All-Time Highs
Gold prices were little changed on Friday, broadly holding the gains seen in the first three days of the week, albeit with prices setting a fresh all-time high on an intraday basis.
Prices briefly spiked as high as $2,887 an ounce on Friday, a new all-time high, compared with around $2,859 an ounce in late trades on Thursday. However, the rally ran out of steam by mid-afternoon and prices fell back to around $2,859 an ounce later on Friday, little changed on a day-on-day basis.
Support for gold continues due to uncertainties over the economic impacts of US tariffs on foreign imports, while further interest rate cuts are expected this year to also underpin precious metals prices.
Market mulls mixed US data:
The markets were digesting a mixed set of economic data from the US on Friday, after the monthly non-farm payrolls came in at 143,000 in January, well below market expectations of 170,000. Meanwhile, the unemployment rate for January came in at 4%, slightly better than the market’s expectation of 4.1%. In addition, the Michigan consumer sentiment index for February came in at 67.8, well below the market’s expectation of 71.1.
In addition, a rise in the US dollar’s value against other major currencies on Friday helped to take the edge off gold’s earlier gains. Read More
Silver Price News: Silver Pulls Back from Two-Month High
Silver prices fell back on Friday, giving up some of the gains seen earlier in the week, as gold prices eased back from a new all-time high.
Silver prices dipped as low as $31.84 an ounce on Friday, compared with around $32.27 an ounce in late trades on Thursday.
The price action largely followed gold, which briefly hit a new all-time high of $2,887 an ounce on Friday, before pulling back later in the session. Silver’s moves above the $32.00 an ounce mark last week mean the metal has traded at a two-month-high.
Dollar strength weighs on silver price:
The US dollar strengthened against other major currencies on Friday, which helped pull dollar-denominated silver prices back from their mid-week highs at the end of the week.
However, the gold to silver ratio has been relatively high in recent months at around 87 to 91, which may be taken as an indicator that silver prices have potential to rise further relative to gold.
Silver, like gold, has benefited from economic uncertainties linked to recently-announced US tariffs on imports, which prompted China to respond in kind. Read More
Trump’s import tariffs - turbulence in the global gold market
In the latest edition of Dr. Polleit’s BOOM & BUST REPORT (6th Feb ’25) I addressed the issue of U.S. import tariffs and its impact on the gold price—because I’ve been quite surprised by the immense impact U.S. President Donald Trump’s tariff agenda is already having on the global gold market.
To set the ball rolling, let me remind you that the gold price is in true bull market, reaching new heights. Currently, it’s trading around 2,850 USD per ounce, just slightly below the all-time high of 2,883 dollars—a rise of about 40 per cent from last year.
And the price of gold is not just increasing in US dollars, but in all major fiat currencies of the world. In other words, fiat currencies are dramatically losing value against gold—this is precisely what a rising gold price means: you can buy less gold with fiat money.
There are certainly many reasons behind the enormous rise in the price of gold across all major currencies. One significant reason, in my view, is that fiat currencies like the U.S. dollar, the euro and others are increasingly losing credibility.
As a result, investors are increasingly turning to gold and silver as a store of value, seeking to protect their portfolios from inflation and credit default risks by holding especially the yellow metal. Read More
Don’t expect gold’s rally to stall next week, analysts eyeing $3,000
Gold is off to the races as safe-haven demand dominates the marketplace and drives prices to record highs; many analysts are now keeping an eye on $3,000 an ounce.
Although gold prices are looking a little overstretched, some analysts have said that investors can’t ignore the bullish momentum in the marketplace. After holding critical initial support at $2,800 an ounce on Monday, the market managed to hit intraday all-time highs throughout the week.
Disappointing economic data on Friday, which showed a significant drop in consumer optimism and rising inflation fears, briefly pushed gold prices above $2,900 an ounce. While gold is off its session highs, it is still looking to end the week with solid gains. As of 1:43 p.m. ET, April gold futures were trading at $2,884.70 an ounce, up nearly 2% from last week.
Alex Kuptsikevich, Chief Market Analyst at FxPro, said that gold’s rally has just started and a push to $3,000 is the beginning.
“From a technical perspective, gold is starting a Fibonacci extension pattern. The global rally commenced in October 2023 following initial signals from the Federal Reserve indicating an easing of monetary policy and a subsequent slowdown in the pace of rate hikes. Between October and November 2024, after appreciating by 55% to reach the $2,790 level, gold experienced significant profit-taking, resulting in a pullback to $2,550, which represents 76.4% of the initial rally. This was followed by several weeks of intense trading between bullish and bearish market participants,” he said in a note on Friday. “By the end of December, steady buying momentum had returned to the gold market. A move above $2,800 in late January has led to discussions about the potential onset of a new global growth wave. If this trend continues, the price of gold may potentially reach the $3,400 per troy ounce area between August and October of this year.” Read More
Central banks’ insatiable appetite for gold is firmly entrenched
Central banks have started the new year exactly as they ended 2024 — by increasing their gold reserves.
Krishan Gopaul, Senior Analyst for EMEA at the World Gold Council, was active on social media Friday, documenting central banks’ gold purchases last month.
The day began early when Gopaul noted that China once again increased its gold reserves in January, buying five tonnes of the precious metal.
Analysts have been particularly focused on China. This marks the third consecutive month that the People’s Bank of China has increased its official gold reserves, following a six-month pause after an 18-month buying spree.
“Last month's purchase helped lift gold reserves to 2,285 tonnes,” Gopaul said.
Although China has significantly increased its gold holdings, the yellow metal still accounts for only about 5% of its total foreign reserves. Analysts suggest that there is ample room for China to raise its gold holdings to 10%, bringing it more in line with other developed market central banks. Read More
Wall Street bereft of gold bears as safe-haven sentiment sweeps markets, Main Street also sees higher prices next week
Gold saw another standout week of price action as the impact of ongoing tariff threats combined with rising inflation fears drove investors to the yellow metal.
Spot gold kicked off the week trading at $2,797 per ounce, and after a quick spike up to $2,802, prices slid down to what proved to be the weekly low of $2,774 per ounce just before 11:00 p.m. EST on Sunday evening.
But the precious metal’s weakness would prove short-lived, as gold prices rose through the Asian session, and broke back above $2,800 per ounce by 6:00 a.m. Eastern. The North American open saw gold prices deliver their first sharp spike of the week, with spot gold rising from $2,814 per ounce just before trading began to $2,830 15 minutes after the open. Read More
Why a Chinese gold mania may be starting
China's futures traders drove a remarkable $400 surge in gold prices this past spring, and now they are positioned to propel it to $3,000 and beyond.
The current gold bull market began in the spring of 2024, fueled in large part by aggressive Chinese futures traders on the Shanghai Futures Exchange (SHFE), while Western investors remained largely on the sidelines. In just six weeks between March and April, these traders propelled gold prices up by $400, or 23%—an extraordinary surge for the yellow metal. Since then, their activity has quieted, but I've anticipated their return, expecting them to push gold to truly staggering levels. That moment may have arrived. Fresh off the week-long Chinese Lunar New Year holiday, these traders are reentering the market—just as gold was already heating up without them.
The Shanghai Futures Exchange gold futures were the primary vehicle behind the spring 2024 gold frenzy, a surge that subsequently spilled over into international gold prices:
A fascinating Financial Times article from that time titled "Chinese Speculators Super-Charge Gold Rally" highlighted how trading volume in SHFE gold futures had surged by 400%, propelling gold prices to record highs:
Image Source: Kitco News
The spring Chinese gold trading frenzy can also be seen in the chart of long open interest in SHFE gold futures: Read More
Safe-haven bids, bullish charts continue to push gold to all-time highs
Gold prices are sharply up and hit new record highs Monday. Prices are now within striking distance of $3,000.00 an ounce. Gold and silver markets are continuing to see safe-haven demand amid concerns about global economic growth as the U.S. is slapping more tariffs on its trading partners. The rapid changes taking place in other U.S. government policies also has the marketplace nervous. Bullish technicals are also driving chart-based buying in the yellow metal. April gold was last up $39.70 at $2,927.40. March silver prices were last up $0.027 at $32.47.
Reports said China has started a pilot program that allows insurers to buy gold for the first time. The move would potentially free up $27 billion of funds, according to one report. The new policy signals that Chinese authorities recognize gold as an investment alternative as its property sector struggles, Bloomberg sa
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 $3,000.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,800.00. First resistance is seen at today’s high of $2,938.10 and then at $2,950.00. First support is seen at $2,900.00 and then at today’s low of $2,879.90. Wyckoff's Market Rating: 9.5.
Image Source: Kitco News
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 $34.00. The next downside price objective for the bears is closing prices below solid support at $31.00. First resistance is seen at $33.00 and then at the December high of $33.33. Next support is seen at the overnight low of $32.03 and then at $31.61. Wyckoff's Market Rating: 6.5. Read More
Image Source: Kitco News
Dennis Gartman remains a long-term bull but says the gold trade is looking a little crowded
Gold prices are continuing their ascent into the heavens unabated, with the $3,000 target looming closer; however, one commodity investor says that he is not chasing the market.
In his latest note, famed investor Dennis Gartman, creator of The Gartman Letter, said that the gold trade is looking a little stretched.
“I remain long-term bullish on gold, but the trade is becoming a bit crowded,” he said. “For months and years, I’ve remained steadfastly bullish on gold, but of late, as gold has become more and more popular, I’m becoming marginally less enamored with it and have actually begun selling calls against what I own.”
The comments come as gold starts a new week with a new record high, with prices pushing solidly above $2,900 an ounce. Gold futures are up more than 10% so far this year, with April gold trading at $2,926.20 an ounce, up more than 1% on the day as of 8:45 a.m. ET.
Gartman took a similar stance in mid-October, warning investors that gold was due for a correction. Following the U.S. elections in November, gold prices dropped more than 7% and then consolidated until their recent breakout. Read More
Trump tariffs, rising inflation projections support gold, silver ETF outflows cease as lease rates climb – Heraeus
Gold prices continue to enjoy tailwinds from Trump’s tariff threats and rising inflation projections but could face waning sovereign demand, while silver ETF outflows have stabilized, but lease rates continue to rise, according to precious metals analysts at Heraeus.
In their latest precious metals update, the analysts noted that while central bank demand for gold remains strong by historical measures, fewer are buying and the bulk of purchases are now coming from only a handful of nations.
“Central bank (CB) demand for gold declined by 1% year-on-year in 2024, falling below 1,050 tonnes,” they wrote. “While this appears to be relatively stable, it masks a notable shift in the number of CBs buying and selling gold. In the first half of 2024, an average of 21 CBs purchased gold each month, whereas in the second half of the year, with data available until November, this number had dropped to 17. Moreover, a small number of CBs accounted for the majority of demand in 2024. Poland was the largest buyer, adding 90 tons, followed by Turkey with 75 tons and India with 70 tons. Together, these three countries were responsible for 68% of reported CB gold demand from January to November 2024, highlighting a concentration risk and an elevated reliance on a select few buyers.”
And gold’s recent price appreciation is helping to push the Polish Central Bank closer to its target, making further purchases more conditional.
“Poland’s purchases have been driven by its objective to increase gold’s share of its total currency reserves to 20%,” the analysts said. “Strong buying over the course of 2024 has already raised gold’s proportion of Polish reserves from 12% in January to 17% in November, leaving just a 3% gap to the target (source: Narodowy Bank Polski). The rising spot price of gold over the past month means that the value of the gold reserves will have appreciated to more than $41 billion, bringing the new portion of the portfolio accounted for by gold to 18%. This is notably accompanied by a break in the CB’s monthly buying of gold in December for the first time in eight months. At its current price, $4.6 billion worth of gold (just under 50 tons) would bridge the gap to the currency reserve target, which is just 55% of Poland’s 2024 CB buying demand total.” Read More
Gold hits historic high amid escalating trade tensions
Gold prices surged to a new all-time record of $2,938.10 today, driven by mounting concerns over President Trump's expanding tariff policies. As of 3:15 PM EST, the most active April futures contract settled at $2,934.30, representing a gain of $48.80 (1.69%). The precious metal has demonstrated remarkable momentum since opening at $2,885 in Monday's Australian session, climbing steadily over twelve consecutive hours.
Image Source: Kitco News
The latest rally was triggered by President Trump's Sunday announcement of plans to impose 25% tariffs on steel and aluminum imports. These measures would add to existing trade barriers, including the 10% tariff on Chinese goods and proposed 25% duties on Mexican and Canadian imports, the latter currently under a 30-day postponement.
"Obviously the tariff war is behind the rise; it just reflects more uncertainty and more tension in the global trade situation," noted Marex analyst Edward Meir. The metal has already set seven record highs in 2025, prompting Blue Line Futures' chief market strategist Phillip Streible to suggest that "Gold's 45-degree rally since December might create a self-fulfilling prophecy," potentially pushing prices toward $3,250 or $3,500. Read More
Live From The Vault - Episode: 209. Gold and Silver Flow East
In this week’s Live from the Vault, Andrew Maguire reveals how soaring demand from the East is draining Western gold reserves, forcing the US to secure physical bullion, while refinery delays and record lease rates expose supply shortages.
Meanwhile, silver’s price suppression is nearing a breaking point as extreme shortages drive soaring premiums and delivery delays, while rising physical delivery claims on COMEX reveal the fragility of paper markets and signal a possible price reset.
Disclaimer: These articles are provided for informational purposes only. They are not offered or intended to be used as legal, tax, investment, financial, or any other advice.
Featured Image - Source: Unsplash
