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Gold Slides After Finding Record High
The Wall Street Journal·Marketwatch
The Wall Street Journal
6 min read
1429 ET – Front-month gold futures fell in today’s session, although gold finished the week higher. The front-month contract settled down 0.1% to $2,937.60 per troy ounce for the day, but ended the week up 1.9%. This marks the eighth consecutive week where gold closed higher—the longest stretch of weekly wins since August 2020, when the streak lasted 9 weeks. The appetite for gold continues to come from central banks, says David Miller of Catalyst Funds in a note. “The biggest factor driving gold to $3,000 per ounce is massive coordinated buying by BRICS central banks,” says Miller. (kirk.maltais@wsj.com)
Comex Gold Ends the Week 1.87% Higher at $2937.60
Front Month Comex Gold for February delivery gained $54.00 per troy ounce, or 1.87% to $2937.60 this week
–Largest eight week net and percentage gain since the week ending April 19, 2024
–Longest winning streak since the week ending Aug. 7, 2020, when the market rose for nine straight weeks
—Today it is down $2.40 or 0.08%
–Second highest close in history
–Down two of the past three sessions
–Today’s settlement value is the second highest this year
–Off 0.08% from its 52-week high of $2940.00 hit Thursday, Feb. 20, 2025
–Up 44.82% from its 52-week low of $2028.50 hit Monday, Feb. 26, 2024
–Rose 44.10% from 52 weeks ago
–Off 0.08% from its 2025 settlement high of $2940.00 hit Thursday, Feb. 20, 2025
–Up 11.34% from its 2025 settlement low of $2638.40 hit Monday, Jan. 6, 2025
–Off 0.08% from its record high of $2940.00 hit Thursday, Feb. 20, 2025
–Month-to-date it is up 4.45%
–Year-to-date it is up $308.40 or 11.73%
All prices are calculated based on the settlement price of the current front month contract.
Source: Dow Jones Market Data, FactSet
Comex Silver Ends the Week 0.53% Higher at $32.976
Front Month Comex Silver for February delivery gained 17.50 cents per troy ounce, or 0.53% to $32.976 this week
–Up for five consecutive weeks
–Up $2.025 or 6.54% over the last five weeks
–Largest five week net and percentage gain since the week ending Feb. 7, 2025
–Longest winning streak since the week ending April 14, 2023 when the market rose for five straight weeks
–Up seven of the past eight weeks
—Today it is down 46.80 cents or 1.40%
–Largest one day dollar and percentage decline since Monday, Jan. 27, 2025
–Down two of the past three sessions
–Today’s settlement value is the fourth highest this year
–Off 5.33% from its 52-week high of $34.831 hit Tuesday, Oct. 22, 2024
–Up 47.15% from its 52-week low of $22.41 hit Wednesday, Feb. 28, 2024
–Rose 43.57% from 52 weeks ago
–Off 1.40% from its 2025 settlement high of $33.444 hit Thursday, Feb. 20, 2025
–Up 11.32% from its 2025 settlement low of $29.622 hit Thursday, Jan. 2, 2025
–Off 32.29% from its record high of $48.70 hit Thursday, Jan. 17, 1980
–Month-to-date it is up 2.64%
–Year-to-date it is up $4.036 or 13.95%
All prices are calculated based on the settlement price of the current front month contract.
Source: Dow Jones Market Data, FactSet
Base Metal Prices Slip But Set to End Week Higher
1217 GMT – Base metal prices fall, with LME three-month copper down 0.2% at $9,535.50 a metric ton and LME three-month aluminum down 1.3% at $2,695 a ton. However, the base metals complex is set to end the week higher on mounting concerns of trade wars and a generally weaker U.S. dollar, with copper up 0.7% on week and aluminum up 2.3% on week. Among North American copper miners, 2024 copper production was on average 5% below original guidance, and 2025 guidance was 5% below consensus estimates, RBC Capital Markets analysts say in a note. This likely reflects more conservatism on guidance from miners and more challenging mining. Some recent positive signs around U.S.-China relations are constructive for metals and the fundamentals for copper look solid, though uncertainty remains short-term, RBC adds. (joseph.hoppe@wsj.com)
Gold Futures Close to Record High on Safe-Haven Demand, Trump Comments
1140 GMT – Gold futures slip, but remain close to record highs. Futures are down 0.25% at $2,948.70 a troy ounce after a fresh high of $2,973.40/oz in the prior session. The precious metal is set to finish the week higher on safe-haven demand and attention from U.S. President Trump’s administration, SP Angel analysts say in a note. Trump insisted he would “make sure the gold is there” when asked about concerns over the Fort Knox gold supply and the rally gained steam after Treasury Secretary Scott Bessent mentioned monetizing the U.S. balance sheet, SP Angel says. However, Bessent dismissed revaluing U.S. gold reserves, and ruled out gold as an asset for a new U.S. sovereign wealth fund, SP Angel writes. Consistent central bank purchases and Chinese consumer buying also continue to support gold, SP Angel adds. (joseph.hoppe@wsj.com)
Gold Futures Slip But On-Track for Weekly Gains on Safe-Haven Demand
0917 GMT – Gold futures slide but remain on-track for weekly gains on safe-haven demand. Futures are down 0.6% at $2,939.70 a troy ounce, but remain up 1.4% on week. The precious metal set a fresh record high of $2,973.40/oz in the prior session, and a test of $3,000/oz is starting to look like a question of “when” rather than “if,” Pepperstone’s Michael Brown says in a note. The $3,000 mark might give the bulls a point to reassess gold’s momentum and perhaps take some profit, but upward momentum should continue with safe-haven demand continuing to linger, Brown writes. President Trump’s tariff threats, lingering trade and economic uncertainty and persistent geopolitical tensions are supporting the flight to safe-haven assets like gold. (joseph.hoppe@wsj.com)
0704 GMT – Comex gold futures are likely extending consolidation, based on the daily chart, RHB Retail Research’s Joseph Chai says in a research report. The relative strength index is now moving sideways, indicating that momentum remains neutral, the analyst notes. Hence, the commodity is likely trading sideways for consolidation. Gold is also maintaining a bullish technical setup, trading above 20- and 50-day simple moving averages, the analyst says. As long as the precious metal stays above support at the $2,800/oz level, RHB will retain a positive trading bias for the commodity. Spot gold is 0.3% lower at $2,929.74/oz. (ronnie.harui@wsj.com)
