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Gold Price News: Gold Pulls Back from All-Time High as Dollar Strengthens
Gold prices fell on Friday, giving up some of the gains seen earlier in the week, as the US dollar rose against other currencies.
Prices fell as low as $3,000 an ounce before edging higher to $3,020 an ounce later in the day. That compared with an all-time intraday high of $3,058 an ounce on Thursday.
The US dollar strengthened against other major currencies in the second half of the week, putting downward pressure on dollar-denominated gold prices.
Tensions maintain support for gold:
Despite the modest pull-back for gold, the yellow metal managed to post a gain of over 1% across the week as a whole, with prices taking support from ongoing geopolitical tensions, economic uncertainties and expectations that central banks will cut interest rates later in the year.
Citi hikes gold price forecast:
On the news front, Citi Research last week hiked its gold price target for the next three months to $3,200 an ounce, citing strong official sector demand and exchange-traded fund demand, according to news reports. The research unit of Citigroup bank also said its bull case includes gold prices rising as high as $3,500 an ounce by the end of 2025. Read More
Silver Price News: Silver Falls as Gold Retreats from All-Time High
Silver prices fell for a third straight day on Friday, with the market continuing to pull back from four-month highs of over $34.00 an ounce seen earlier in the week.
Prices fell as low as $32.70 an ounce on Friday, down from around $33.60 an ounce in late trades on Thursday. Silver’s action largely followed gold prices, which lost ground on Friday as the dollar strengthened against other major currencies.
US Fed chair plays cool on rate cuts:
US Fed chair Jerome Powell last week said the central bank was in no rush to cut interest rates in the short-term, in a stance that appears to be at odds with US President Donald Trump, who has been calling for looser monetary policy. The start of US trade tariffs has raised the prospect of higher inflation, which could keep pressure on the Fed to keep rates at higher levels. A higher-for-longer scenario for interest rates is bearish for precious metals as it increases the opportunity cost of holding non-yielding assets. Read More
Gold’s rally is getting tired - but ETF demand is just waking up
Gold prices are holding their ground above $3,000 an ounce—at least for now—as a growing number of analysts are warning investors that the market is looking a little tired and is due for a pullback and consolidation period.
While sentiment in the marketplace is shifting slightly, nobody is ready to outright sell the precious metal. We all know the factors behind this unprecedented rally, and they are not going to change anytime soon. Central banks will continue to buy gold and diversify away from the U.S. dollar, and global investors will continue to see it as an important safe-haven asset in a world facing significant economic uncertainty and rising inflation pressures.
This week, I wanted to focus more on investor demand for gold-backed investments. As I mentioned last week, this segment of the marketplace has been extremely late to the party, as we are just starting to see solid inflows.
“We expect ETFs to be a major driver of investment demand for the remainder of this year,” George Milling-Stanley told Kitco News in an interview on Friday.
According to analysts, inflation is the biggest reason why investors are finally starting to turn to gold. In the last few years, the risk-free trade has been to buy 3-month money market funds. Falling inflation and robust economic growth have provided investors with real returns. However, President Donald Trump’s trade war is starting to bite, as consumers are seeing higher costs. Real yields are starting to fall, reducing gold’s opportunity cost as a non-yielding asset. Read More
Wall Street and Main Street rein in their expectations as markets digest $3,000 gold with key inflation data on deck
While the gold market may not have seen the outsized gains of the previous week in percentage terms, the yellow metal did manage to establish $3,000 as solid support, which could be a bigger achievement than another new all-time high in the long term.
Spot gold kicked off the week trading at $2,990 per ounce and dipped down to the weekly low of $2,982 in the early hours of Monday morning. But momentum began to pick up for the yellow metal during the European session, and by 7:30 a.m., spot gold bounced off the $3,000 resistance level.
By the time North American traders started their week, gold was trading right at the $2,990 level once again, whereupon U.S. traders mounted their own challenge of $3,000, ultimately succeeding in breaking through just 15 minutes before the close.
From there, it was off to the races, as gold prices would not revisit the $3,000 support level for the next four days. Read More
Will $3,000 gold hold? Analysts say prices could see a healthy correction next week
The gold market is holding support above $3,000 an ounce, but it’s seeing some solid profit-taking ahead of the weekend, as prices were unable to hold their ground above $3,057 an ounce.
While the precious metal still has some upside potential, some analysts have said that consolidation at current levels would be healthy for the market’s long-term uptrend. Spot gold last traded at $3,014.20 an ounce down nearly 1% on the day, but the precious metal is still up 1% from last Friday.
George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors, said that he could see gold prices trade around the $3,000 level over the next few months as investors get comfortable with the new breakout.
“I will have more faith in the sustainability of prices above $3,000 if it takes us some part of this year to get through it,” he said.
Although Milling-Stanley does not expect to see new record highs anytime soon, he also does not see any major headwinds that would drive prices considerably lower.
Ole Hansen, Head of Commodity Strategy at Saxo Bank, said that gold could easily fall $100 without significantly impacting the current bullish uptrend.
“If you are an asset manager who wants to reallocate some money into gold out of your stock positions because you are worried about stagflation, you would probably welcome a hundred-dollar setback,” he said. Read More
Gold price continues to hold $3000 as flash US manufacturing PMI drops; service sector PMI rises
The gold market continues to tread water above $3,000 an ounce as the U.S. economy sends mixed signals, with further declines in manufacturing activity and growth in the service sector.
S&P Global reported on Monday that its flash Purchasing Managers Index (PMI) for the service sector rose in March to 54.3, up from February’s reading of 51.0. The data beat expectations, as economists had called for a reading of around 51.2.
The report said that activity in the service sector has risen to a three-month-high.
Meanwhile, activity in the manufacturing sector continues to contract, with the flash PMI falling to 49.8, down from last month’s reading of 52.7. Economists were looking for a smaller drop to 51.9.
The report said that activity in the manufacturing sector dropped to a three-month low.
The gold market is not seeing much reaction to the mixed economic data. Spot gold last traded at $3,019.90 an ounce, down 0.12% on the day.
While the U.S. economy remains relatively healthy, the report noted that sentiment on future growth continues to weaken.
“Although current output growth picked up pace in March, optimism about the coming year fell for a second successive month. The decline took confidence to its lowest since October 2022, barring the nadir seen last September (when business was unsettled by uncertainty ahead of the Presidential election),” the report said. Read More
Gold price above $3,000: Are generalist investors about to flood into gold and mining stocks?
Gold prices have soared to a record high of above $3,000 per ounce, prompting a breakout in mining stocks and renewed interest in precious and base metals amid mounting macroeconomic and geopolitical uncertainty.
John Feneck, founder and CEO of the Feneck Commodities Report, said the sharp rally in gold came as the broader U.S. equity market saw $5 trillion in value erased, driven in part by concerns over trade policy under a second Trump administration.
"There's a greater sense of urgency with Trump in this second term," Feneck said in an interview with Paul Harris on Kitco Mining's Digging Deep. "He just said the R word – recession – and then markets that following Monday just responded negatively."
The Nasdaq dropped 3.8% that day, which Feneck called "significant" and reminiscent of the market shocks seen during the Great Depression. "If you're long the broad market right now… you need to be with a financial advisor immediately," he said.
With gold rallying, key mining ETFs have broken out of long-term resistance. " We've been saying for months now that once GDX breaks through that $42-43 resistance level, it's going to go much higher," Feneck said. "Now we're trading around $44.90. It's got a path to $50 and then $60 within the next 12 to 18 months. You've got a lot of upside in the producing larger cap names." Watch the podcast
Gold traders eye $3,150 with PCE and tariffs dictating near-term direction – FX Empire’s Hyerczyk
Gold prices are rangebound following the recent pullback as traders have turned their attention to PCE inflation data and tariff updates for direction on the next move in the gold market, according to analyst James Hyerczyk at FX Empire.
“Gold prices are holding steady at the start of the week, pausing after last week’s sharp two-day pullback,” Hyerczyk wrote. “Monday’s trade remains confined within Friday’s range, signaling indecision as traders await fresh catalysts. The precious metal remains in a broader uptrend, but near-term correction risks persist, especially with key macro data and tariff-related headlines on the horizon.”
The U.S. dollar is supporting gold prices at their current levels, with the dollar index pulling back 0.1% on Monday, adding to its 3.4% decline in March. “A softer dollar typically supports gold by making it more affordable for overseas buyers,” he noted. “This dollar weakness has helped stabilize gold prices following the recent retreat, offering short-term support around the $3,000 level.”
Image Source: Kitco News
Hyerczyk said the ongoing uncertainty surrounding U.S. trade tariffs is also keeping safe-haven demand strong.
“Markets remain alert to potential economic fallout from U.S. President Donald Trump’s proposed tariffs, set to take effect on April 2,” he wrote. “While Trump hinted at possible flexibility, concerns remain that retaliatory measures could stoke inflation and slow economic growth. Analysts suggest that a more aggressive tariff stance could push gold toward the $3,100 level, while a less severe outcome may open the door for brief dips below $3,000.” Read More
Silver price still eying $40 despite near-term volatility as tariff uncertainty lingers - Saxo Bank’s Ole Hansen
Silver continues to see firm resistance at $34 an ounce; however, one analyst said that the precious metal’s time will come, and it could be later this year.
After hitting another brick wall last week, the silver price remains on the back foot, with prices now testing support at $33 an ounce. The precious metal is struggling as President Donald Trump continues to add to the uncertainty surrounding his proposed global tariffs. According to some reports, Trump is expected to issue more targeted and less sweeping tariffs, which would mitigate the threat of an all-out global trade war.
In an interview with Kitco News, Ole Hansen, Head of Commodity Strategy at Saxo Bank, noted that silver prices have been rallying in part due to growing demand in the U.S., as bullion banks flooded New York vaults amid fears that silver could be hit with U.S. tariffs.
Hansen pointed out that these tariff threats are benefiting gold, copper, silver, and platinum group metals. However, he added that this is very much a risky, binary trade: either the tariffs happen or they don’t.
“This coin flip makes it very difficult to navigate these markets in the short term,” he said. “I expect we will continue to see some price volatility.” Read More
Mild profit-taking pressure on gold as U.S. equities rally
Gold prices are down a bit in midday U.S. trading Monday, on some light profit-taking from the shorter-term futures traders and as the U.S. stock indexes are posting strong gains to start the trading week. A firmer U.S. dollar index is also a mildly negative daily outside-market element for gold and silver. April gold was last down $6.00 at $3,015.60. May silver prices were last up $0.044 at $33.53.
U.S. stock indexes are sharply higher and hit three-week highs at midday on corrective rebounds from recent selling pressure. Today’s price action in the stock indexes begins to suggest they have put in near-term market bottoms. If market bottoms are in place in the indexes, such would be a bearish element for the competing asset class of precious/safe haven metals.
Technically, April gold futures bulls have the strong overall near-term technical advantage. Bulls’ next upside price objective is to produce a close above solid resistance at $3,100.00. Bears' next near-term downside price objective is pushing futures prices below solid technical support at $2,900.00. First resistance is seen at $3,050.00 and then at the contract high of $3,065.20. First support is seen at the overnight low of $3,009.80 and then at $3,000.00. Wyckoff's Market Rating: 8.5.
Image Source: Kitco News
May silver futures bulls have the overall near-term technical advantage. Silver bulls' next upside price objective is closing prices above solid technical resistance at the March high of $35.00. The next downside price objective for the bears is closing prices below solid support at $32.215. First resistance is seen at $34.00 and then at $34.50. Next support is seen at last week’s low of $33.165 and then at $33.00. Wyckoff's Market Rating: 6.0. Read More
Image Source: Kitco News
Gold is consolidating but the US dollar and the Fed won’t threaten the rally - State Street’s George Milling-Stanley
Even though the U.S. dollar index has managed to hold critical long-term support above 103 points, this is not a major threat to the gold rally because U.S. interest rates won’t provide much support for the greenback, according to one market strategist.
In an interview with Kitco News, George Milling-Stanley, Chief Gold Strategist at State Street Global Advisors, said that he does not expect the Federal Reserve’s current neutral stance to pose much of a threat to gold prices for the rest of the year.
He made the comments after the Federal Reserve held interest rates unchanged last week. In its updated economic projections, the U.S. central bank lowered its growth forecast and increased its inflation outlook. The Federal Reserve expects the U.S. economy to grow by 1.7% this year with inflation rising to 2.7%, up from the previous estimates of 2.1% and 2.5% respectively.
The U.S. dollar is seeing some buying momentum as the Federal Reserve’s interest rate forecast, also known as the dot plot, remained unchanged, signaling two rate cuts this year. Following weak economic data and a sharp selloff in equities, markets have been pricing in three rate cuts this year. Read More
Live From The Vault - Episode: 215. DOGE Races to Repatriate US Gold
In this week’s Live from the Vault, Andrew Maguire reflects on the Federal Reserve’s focus on large-scale bullion repatriations ahead of the US Treasury gold audit, driven by Trump’s initiative, and its impact on both the gold market and EFP spreads.
Andrew also examines how these moves, combined with intensifying central bank buying and shifting market dynamics are strengthening gold demand, while paper gold positions face increasing pressure ahead of Basel III compliance in July 2025.
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.
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