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Gold (GC=F) hit a record high as investors turn to commodities amid the ongoing trade war. Yahoo Finance Senior Business Reporter Ines Ferré joins Market Domination to discuss the price action in gold as well as oil (CL=F, BZ=F) and gas (RB=F).
To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime here.
Speaking of gold, it touched a new record on Thursday. Let's get to Yahoo Finance's Ines Ferre with more on the latest moves. Hi, Ines.
Hi, Julian. Gold touching, knocking on the door of 3200 because we saw gold futures going up to 3191. In fact, 3194, so just $6 away from that 3200 level. This is for the futures and spot gold also touching highs. Look, year to date gold is up about 20%
Uh, I've seen a lot of notes and spoken to analysts about gold and that uncertainty that you guys have been talking about, and that has been cropping up more and more in a lot of the analysis. Uh, in fact, I saw some analysis talking about uh, investors flocking to gold as they lose confidence in US policy. Uh, so a lot of that uncertainty has pushed the price of gold higher over the last few days and a weaker dollar has also contributed to that. Uh, the risk of stagflation, the risk of an economic downturn, and also at the same time inflation, that has also sent gold futures higher. And of course, central banks have been buying and we've been seeing an increase of inflows going into exchange traded funds, ETFs.
And while we have you, Ines, what is the latest on gas and oil as well, please, then?
Yes, so we saw that gasoline contributed to that cooler than inflation, that than expected inflation print for the month of March. And if we take a look at a year-over-year basis, we have seen that gasoline prices have come down year over year. And if we take a look at what the prices are right now, we are seeing that over the last week, gasoline prices have been ticking lower. They're at around $3.22 per gallon. And I've spoken to a couple of analysts asking them, hey, now that oil has come down about 15% since that April 2nd uh reveal on the tariff plan and all the volatility that we've seen in the market since then.
They're saying to me that you can expect oil uh, because of those lower oil prices for gasoline prices to also go down in the coming weeks. Andy Lipow of Lipow Oil Associates is saying that by about 15 cents per gallon in the next couple of weeks, and if oil hangs at around these levels, he says you can expect them to go even lower than that. And Patrick De Haan of GasBuddy is saying that you could see oil price, excuse me, gasoline prices coming down below that $3 uh uh threshold because of the impact of these oil prices, because of the tariff uncertainty, and also of course, because OPEC Plus is going to be adding more supply into the market in May.