Gold Price RECAP March 3-7

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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.

Though gold prices are easing off of the day’s opening bids on Friday, spot prices are set for a strong weekly gain as financial markets have buckled under the weight of uncertainty out of Washington.

So, what kind of week has it been?

Tremendous, globally-reaching economic uncertainty has become the dominant driver of markets this week, an impact felt far beyond gold alone. The primary source of this uncertainty is, of course, the back-and-forth (and maybe back again?) of the US administration’s plans and implementations of tariffs on its largest trading partners.

Rising tensions with a less-than-concrete deadline looming and last week’s strong US Dollar surge unwinding lifted gold prices from the start of the week, with the spot moving back up to $2890/oz through Monday’s US session. Things then got “serious” in the overnight trading hours, as the Trump White House had by then made it clear that there were little to no options for parties to prevent the imposition of wide-ranging 25% tariffs on Tuesday. The propulsive surge in risk-aversion that followed pushed the yellow metal easily beyond $2900 and as high as $2920/oz before the Tuesday opening of US markets brought a slight readjustment. Gold’s rally was strong, but ultimately capped by a simultaneous rebound on the US Dollar (as would be expected between the announcement of US tariffs and the inevitable retaliation from partners.)

It can’t go unremarked upon, of course, that the US equity market cratered on Tuesday, relatively speaking, as investors globally fled to safety, often in the form of gold. This provided a fairly constant tailwind to gold prices through the remainder of the week. Despite the Trump Administration wavering on the tariffs and taking half-measures to ease them before announcing a “temporary” rollback entirely, the yellow metal traded with some volatility between $2905–2915 on the way to Friday but rarely threatened to pass back below the round number of support at $2900/oz.

It shows just how dominant the Trump Tariffs narrative has been in the marketplace to say that we’re only now addressing the February Jobs Report. Here, the NFP number fell below expectations again, suggesting a worrying trend for the US labor market as the previous month’s number was also revised down further. This alone would be expected to boost gold prices—given even more uncertainty and an argument for the Fed to possibly ease faster—but was tempered by the Fed’s Chair Jerome Powell explicating that the central bank is effectively sitting on its hands until it has “greater clarity” about the White House’s fiscal policies. There is also likely a degree of price fatigue involved, as gold has demonstrated strong support at $2900/oz but little will from investors to push the chart beyond Monday night’s highs. As a result, the precious metal moves towards the weekend slightly richer than $2905.

We’ll see another heavy-hitter on the macroeconomic calendar next week with the updated CPI numbers due Wednesday. But, for the time being, it’s a stretch to assume anything other than the US’s trade war within itself will be the market mover for the time being.

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