A Glittering Few Days for Gold

Over the past few days, gold has been making headlines once again. On the 20th of March 2025, the price of gold climbed to an all-time high of US$3,052 per oz. This milestone has driven by a mix of economic signals and global uncertainty throughout the week. 

The U.S. Federal Reserve’s decision to hold interest rates steady while hinting at two potential cuts later this year sent some ripples through financial markets – especially those closely tracking equity markets. Fed Chair Jerome Powell’s remarks only fuelled the fire, as investors flocked to gold to protect against these jittery economic forecasts. By Friday morning, prices eased slightly back down to US$3,038 per ounce, but the bullish sentiment appears to be sticking around, propped up by geopolitical tensions in the Middle East and new U.S. tariffs on steel and aluminium kicking in under Trump’s administration.

So fundamentally, what’s behind this golden surge? It’s the usual suspects…. As mentioned, the Fed’s signal of lower borrowing costs down the road weakens the US dollar, which naturally increases the price of gold. Add in ongoing Russia-Ukraine hostilities and a gold hype from the already 15% price climb this year alone, and you’ve got a recipe for gold demand. Analysts are now keeping an eye on a potential push toward US$3,100 soon.

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