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Gold Price News: Gold Holds Above $2,900 on US Jobs Data
Gold prices were largely range bound on Friday, taking some support from weaker-than-expected US economic data and a softer dollar. Prices moved in a range of $2,899 to $2,935 an ounce on Friday, little changed from the previous two days.
Gold supported by macro uncertainty, weaker US dollar:
Gold managed to hold up above the $2,900 an ounce mark for most of the week, close to its all-time high of $2,958 an ounce seen on February 24th, and this reflects concerns about the wider economic picture and an ongoing heightened geopolitical risk environment.
Friday saw the release of US non-farm payrolls figures showing that the number of jobs added in February was less than the market expected, while the unemployment rate increased to 4.1% in February from 4% in January. Signs of a weaker-than-expected economy can support gold as a safe haven investment.
Moreover, the US dollar lost value against other major currencies through the week, providing a supportive element for dollar-denominated gold prices, while stock markets continued to lose ground, helping to underpin gold due to its appeal during periods of heightened risk. Read More
Silver Price News: Silver Eases to Pare Week-on-Week Gains
Silver prices eased slightly on Friday, taking the edge off what was otherwise a bullish week for the grey metal. Prices were quoted at $32.50 an ounce by Friday evening, down from around $32.70 an ounce in late trades on Thursday.
Silver benefits from US trade policy chaos:
Despite the small pullback on Friday, silver posted solid gains of more than 4% week-on-week. The gains reflect silver’s safe haven appeal as US President Donald Trump’s stop-start manoeuvres on trade tariffs have not only angered America’s major trading partners but also caused uncertainty over the global economic outlook.
Trump last week issued a temporary halt to tariffs on Mexico and Canada, while Canada’s reciprocal tariffs remain in place and China’s trade policy responses have yet to take effect. Markets hate uncertainty, and the chaotic trade policies emanating from the White House have served to drive interest in safe havens like gold and silver. The outcome of efforts to bring an end to the Russia/Ukraine conflict remains a further uncertainty.
Gold prices saw gains of around 2% across the week, and this helped to create a tailwind for silver. Read More
Gold shines as chaos reigns
While gold isn’t out of the woods just yet, the market continues to show its resilience as we end the week above $2,900 an ounce.
The precious metal is following the trend that started last year as short-term dips are quickly bought. Since gold’s rally began in October 2023, the average weekly loss has been only about 0.6%. In the last 75 weeks, gold has seen only 32 weekly losses of more than 1%. Of those, there have been only six weekly losses of more than 3% and two 5% drops.
At the same time, there have only been nine consecutive weekly losses in gold since this rally started; only two corrections have lasted longer than two weeks.
The bottom line: gold’s corrections have been short and shallow, so if you want to buy the dip, you have to be quick.
It’s not surprising that gold has been in a strong uptrend. The global economy has been inundated with chaos and uncertainty, and this week has been no exception.
The week started with the U.S. removing itself from the world stage as the global police force, which forced Europe to scramble to support Ukraine in its continued war with Russia. The result is that the European Union has launched a nearly €1 trillion spending package to boost member nations’ defenses. Read More
Gold's next move: Is $3,000 within reach?
Although the gold market recovered from last week’s sharp selloff, analysts warn that the price action is looking a little directionless as it holds critical near-term support, at least for now.
Gold is preparing to end the week back above $2,900 an ounce with a 1.6% gain from last Friday. However, some analysts have said that a new catalyst is needed to push prices above $3,000 an ounce.
Global uncertainty created by President Donald Trump’s on-again, off-again tariffs and the treat of a global trade war is supporting the precious metal. However, some analysts have said that a lot of this chaos is now priced into the market.
At the same time, some analysts are waiting to see how new spending programs in Europe will impact gold. Earlier this week, the European Union announced a €1 trillion fund that nations can tap to increase their military spending. Germany is also looking to spend more money on its military and infrastructure.
“Gold will likely take another breather while we wait to see whether the U.S. will enter a period of stagflation,” said Ole Hansen, Head of Commodity Strategy at Saxo Bank. “The risk of fiscal expansion in Europe may divert investment flows, but I see no reason why prices can’t move higher. A lot of supporting factors have been priced into gold, so now we have to wait for the economic impacts of current developments and actions.” Read More
Australia produced 296 tonnes of gold in 2024 - Surbiton Associates
Australian gold companies took advantage of higher gold prices as production increased in the final three months of 2024, according to the latest data from Melbourne-based gold mining consultants Surbiton Associates.
The firm said that domestic gold production totaled 79 tonnes in the final quarter of the year – an increase of six tonnes from the previous quarter – with an average gold price of A$4,075 an ounce. Australia saw an annual production of 296 tonnes, valued at A$34 billion.
“In Australia, many gold treatment plants are working at or above capacity, with stockpiles also being drawn down,” the firm said in the report.
Dr. Sandra Close, a director of Surbiton Associates, said that Australia’s gold industry continues to benefit from global economic uncertainty. Broad-based demand for safe-haven assets has driven gold prices to record highs against almost all major currencies, including the Australian dollar.
“The uncertainty in the first quarter of 2025 is even greater, now that President Trump has taken office,” Close said. “His executive orders, tariffs, backflips, and behaviour have resulted in further concerns and further increases in gold prices, both in U.S. dollar and Australian dollar terms.”
Close noted that the global gold market will continue to play an important role for Australian gold miners, as the nation remains one of the world’s top gold producers. Read More
Gold, silver down just a bit as markets pausing
Gold and prices are slightly lower in midday U.S. trading Monday. However, a very wobbly U.S. stock market that is under strong selling pressure again today is keeping a price floor under the safe-haven metals. April gold was last down $2.20 at $2,911.90. May silver prices were last down $0.179 at $32.63.
Some mild profit-taking pressure from the shorter-term futures traders is also seen in both precious metals markets today.
U.S. stock indexes are solidly lower. U.S. traders and investors are becoming more worried about trade tariffs causing a U.S. recession. Commenting in a television interview on the U.S. economic outlook, President Trump declined to rule out a recession. He said “there is a period of transition, because what we’re doing is very big. …We’re bringing wealth back to America. …That’s a big thing, and there are always periods, it takes a little time.”
Technically, April gold futures bulls have the solid overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at the contract high of $2,974.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at last week’s low of $2,844.10. First resistance is seen at the overnight high of $2,926.40 and then at this week’s high of $2,941.30. First support is seen at $2,900.00 and then at $2,892.50. Wyckoff's Market Rating: 7.5.
Image Source: Kitco News
May silver futures bulls have the slight overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the February high of $34.56. The next downside price objective for the bears is closing prices below solid support at $31.00. First resistance is seen at last week’s high of $33.38 and then at $34.00. Next support is seen at $32.50 and then at $32.00. Wyckoff's Market Rating: 5.5. Read More
Image Source: Kitco News
Central bank gold demand slows, tech boosts silver demand from solar – Heraeus
Central bank demand for gold is flagging among last year’s top buyers, while silver demand from solar applications will remain strong even as Chinese installations dip, according to precious metals analysts at Heraeus.
In their latest precious metals update, the analysts noted that central bank gold buying is moderating as last year’s big buyers pull back.
“Central bank purchases in January were down 60% year-on-year to 18.5 tonnes,” they wrote. “The slowdown also reflects a thinning pack of buyers. Only 11 central banks bought gold in January – the lowest monthly count since January 2021. By comparison, on average more than 20 banks purchased gold per month in 2024, with the lowest monthly count at 17.”
Poland was the number one purchaser in 2024, adding 89 tonnes of gold to its reserves last year. “However, in January this year Poland ranked only fourth, buying just 3.1 tonnes – less than half its monthly average for 2024,” the analysts said. “Poland’s gold buying is tied to a clear objective: increasing gold reserves to 20% of total currency reserves. Based on current reserves and gold prices, Poland would need to purchase less than 50 tonnes in 2025 to hit that target – an achievable amount given last year’s total.”
“It is still early in the year but unless other central banks step in with fresh purchases, overall central bank gold demand in 2025 is on track to fall short of 2024 levels, which were ~1,000 tonnes,” they warned. Read More
Investors are finally paying attention as ‘gold thrives on uncertainty’ - State Street’s George Milling-Stanley
Gold prices continue to consolidate around $2,900 an ounce, but the precious metal has plenty of upside potential as investor demand continues to pick up, according to one market strategist.
In an interview with Kitco News, George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors (SSGA), said that although interest in gold-backed exchange-traded funds (ETFs) has lagged in the current bull market, sentiment is quickly starting to shift as investors see new potential in the precious metal.
February was an unprecedented month for the gold ETF market as North American investors flooded into the marketplace. According to data from the World Gold Council, 72.2 tonnes of gold—valued at $6.8 billion—flowed into North American ETFs last month, the largest single-month inflow for the region since July 2020 and the strongest February on record.
Milling-Stanley said that with growing economic uncertainty and geopolitical chaos, investors are turning to gold as a safe haven and inflation hedge. Specifically, the bulk of investment capital has flowed into the SPDR Gold Shares (NYSE: GLD), the world’s biggest gold-backed ETF. State Street is the sponsor and manager of GLD. Read More
The U.S. dollar’s global decline could spell victory for gold
Gold prices set new all-time highs in February, and a “crisis of confidence” in the U.S. dollar could push prices higher still, according to strategists at VanEck.
In their latest monthly update, Imaru Casanova, Portfolio Manager for Gold and Precious Metals, and Gold Strategist Joe Foster wrote that gold’s strong performance in February was driven by safe-haven demand amid concerns over the new U.S. administration’s trade policy.
“The Trump administration’s policy-induced uncertainty, combined with rising inflation expectations and diminished consumer confidence, weighed on major stock indexes, further boosting gold’s appeal as an alternative investment and portfolio diversifier,” they said. “A key factor behind gold’s latest rally was a surge in the holdings of gold bullion-backed ETFs. Total known ETF holdings of gold increased by 2.49% in February, marking the largest monthly inflow since March 2022.”
And while a strengthening U.S. dollar and profit-taking in the last week of February triggered a pullback from the new highs, gold still finished the month trading at $2,857.83 per ounce for a monthly gain of $59.42, or 2.12%.
“The NYSE Arca Gold Miners Index (GDMNTR) gained 2.01% in February, performing significantly better than the broader equity markets, but ultimately falling short of matching the metal’s gains,” they noted. “However, year to date, gold equities have demonstrated relatively strong leverage to gold prices, rising 17.22% compared to bullion’s 8.89% gain.”
Casanova and Foster believe that the gold industry has, for the most part, been isolated from the negative impact of global tariffs. Read More
Live From The Vault - Episode: 213. Gold & Silver Bear Squeeze Emerges
In this week’s Live from the Vault, Andrew Maguire revisits his gold price prediction, now close to materialising as gold hits record highs, with rising physical demand pushing prices higher despite persistent suppression efforts.
With central banks ramping up gold accumulation, short sellers are facing growing pressure, while the Basel III compliance deadline accelerates the shift to physically-backed assets, making price suppression increasingly unsustainable.
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
