Gold Price RECAP March 24-28

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Happy Friday, traders. Welcome to our weekly market wrap, where we take a look back at these last five trading days with a focus on the market news, economic data, and headlines that had the most impact on gold prices and other key correlated assets— and may continue to in the future.

Gold prices are turning in another week of aggressive gains and another all-time high for a weekly close, thanks to the growing instability and uncertainty underlying the global economy’s 2025 outlook.

So, what kind of week has it been?

Two core narratives appear to be driving gold prices in 2025. Inflation trends and how they may impress upon the FOMC’s decision-making with regard to interest rates have become the established presence at this point. But it’s undeniable now that US tariff policy— even its communication, if not actual implementation— is just as persuasive an input. In this week’s gold trading, we see both coming into play and combining to drive the yellow metal’s spot price to nearly $3100/oz for the first time in history.

The crackling market-wide worries about economic deceleration being brought on by a trade war between giants (buttressed by an actual war re-igniting in the Middle East) supplied enough risk-off buying of gold to hold spot prices at or near $3030/oz for the first half of the week while traders and investors looked out for what would happen next. What happened, really kicking off in the Thursday sessions, was an announcement from the Trump administration that it would impose, in addition to a raft of “reciprocal tariffs” scheduled to go into effect next week, a duty of 25% on all imported automobiles and on auto parts. This announcement doused the fire with gas and turned it into a blaze. With US equities buckling again, investors fled to safety with a strong flow into gold positions, sending the precious metal to $3055, and then, with the opening of Asian trading, that might be a sharp spike and a new high of $3080.

We had our eyes out on Friday for a possible correction back toward $3000. This was partly because Thursday night’s snap rally looked somewhat over-extended but also because the market was expecting a vanilla PCE Price Index report. Instead, the data set this morning shows “core” PCE inflation, on both a month-over-month and annualized basis, ticking slightly higher. Equity markets reacted as we would expect by falling off the table. As of Friday lunchtime, the S&P 500 and Dow Jones are both down more than -1.5%, while the NASDAQ Composite has moved more than -2.5%. The data could also have justified softening gold prices as it implies high (or higher) rates for longer; instead, investors seem to have seized on it as another signal of deepening instability in the global economy. The intermittent spikes we’ve seen in spot prices since the PCE print has proved short-lived but also have been enough to allow gold to consolidate its position around $3070/oz heading into the weekend.

Next week brings the announced date for the implementation of various tariffs. The volatility around that event is sure to spike and ripple through markets, and we expect it will drive similar volatility through gold prices. At the end of it, we will also have a new Jobs Report to work on.

In the meantime, traders, I hope you can get out and safely enjoy your weekend for the next couple of days. After that, I’ll see you back here next week for another market recap.

Matthew Bolden

Matthew Bolden is an active trader and investor. His passions include writing about financial markets in a simple, pragmatic way. His work has been seen in various arenas within the world of global finance, and he has written commentary on several markets including precious metals, stocks, currencies and options.

Matthew is an avid reader, student of the markets and sports enthusiast who resides in the greater Chicago area.

Courtsey To : Goldprice