Gold is having its strongest session since April 21
Gold rallied by over 2.5% today, its strongest session since April 21, adding approximately $75 per ounce. This surge marks the sharpest daily increase since gold reached its all-time closing high of $3,423 an ounce on April 21. The precious metal's advance comes amid renewed concerns over a potential trade war, following announcements of fresh tariffs targeting the entertainment sector and a lack of progress in US-China negotiations. These developments have triggered a pullback in equity markets after a robust performance last week.
Separately, the World Gold Council's report on first-quarter gold market fundamentals, released last week, revealed that while central bank purchases have moderated slightly, they remain a significant component of overall demand. Notably, there was a substantial increase in ETF inflows, with funds adding 226 tonnes of gold in Q1 2025 – the strongest quarterly buying since Q1 2022. It is also worth recalling that Goldman Sachs recently revised its gold price forecast upwards, projecting a base case of $3,700 per ounce and suggesting a potential climb to $4,500 in a high-stress market scenario.
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First-quarter demand matched that of Q4 2024, supported by continued strong central bank appetite and robust ETF buying. Source: World Gold Council
Gold has today climbed back above $3,300 an ounce as trade war anxieties resurface and equity markets retreat. The price has notably rebounded from its 25-period moving average and the deepest correction range within the uptrend that began in early 2024. Source: xStation5
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