GoldPrice.

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.

Gold prices will close this week, barring a shocking turn in the afternoon, well above the last all-time high as financial markets roil all around the precious metal, which has become the world’s safe haven of choice.

So, what kind of week has it been?

Chaotic.

One of the “best” CPI reports since the COVID pandemic has been totally overshadowed this week— in terms of both media coverage and the trading of most major asset classes— by the deepening complexity and uncertainty of the Trump Trade War kicking off in earnest. Gold prices dropped in Monday’s US trading by what would turn out to be a relatively modest increment of $45/oz, while equities and bond markets whipsawed all around the yellow metal. At one moment prior to the activation of the White House’s “reciprocal” tariff scheme, some major indexes were plunged into bear territory; at the next, some were ripping by more than +8% in minutes. All of this was driven by various conflicting reports and rumors that the Trump Administration would delay the tariffs, as before, or that the administration was resolute in enacting them, or that they were considering pushing them higher for some trading partners. A different story, a conflicting indicator more or less every hour.

In the end (or, at least, on a day during which it seemed like it could be The End,) the White House allowed many of the announced tariffs to take effect on Wednesday morning. This event kicked into gear a rush of risk-off buying into gold positions as investors around the globe not only fled from the US Dollar and its stock markets but, crucially, US Treasuries as well. Regardless of the take-backs that followed, this aggressive swing has continued through most of the week. Gold spot prices cut easily back above $3000/oz as US trading spun up, and by the opening bell of Asia’s Thursday session, paused (only temporarily, as it turns out) at a new high of $3100.

By that time, the Trump Administration had already flinched and put another 90-day hold on all tariffs above 10%. Except for goods, crucially from China, which has led to escalating “reciprocity,” which now sees the globe’s two largest economies levying upwards of 100% duty on one another’s goods. While the news of the postponement temporarily sent equities scuttling higher for some of the largest single-day gains since the 1940s, there has been no turn in the tide of sentiment that investment in the US and its Dollar is fraught with more near- to medium-term uncertainty than most thought. As the Greenback continues to fall and investors flood out of US Treasuries— typically the pinnacle of safety— gold prices have climbed beyond $3200/oz for the first time in history.

What comes next for the gold market is more uncertainty— about just how high the price can go and how stable it might hold near the eventual top, but also uncertainty about the financial markets all around it. There is a relatively light macroeconomic calendar on offer next week, but that does little to suggest calm markets as the next evolution of the Trump Trade War is expected to continue turning over the weekend and into the Easter holiday.

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.