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.

Here’s what you need to know:

• Gold prices retreated this week after hitting a new record of nearly $3,500/oz on Monday.
• Hints of progress on U.S.-China tariffs and reassurance about Fed leadership eased market fears.
• U.S. equity markets stabilized slightly, contributing to gold’s -1.2% weekly decline.
• Investors await next week’s U.S. Jobs Report for fresh market direction.

As narratives and announcements that have pressurized the global economic environment for weeks appear to have eased somewhat, gold looks set to turn a (rare for 2025 so far) weekly loss after registering new all-time highs on Monday.

So, what kind of week has it been?

Shifts that may imply an improved economic environment in the near- to medium-term (only imply, we caution to add) have cost gold prices this week. The yellow metal, which has risen by as much as 30% in 2025, is down -1.2% on the week as of Friday. As we expected, the narratives around what global traders and investors perceive as the greatest risk to economic stability— the risk of global trade chaos driven by the Trump Tariffs and the risk to the consistency and practicality of the US monetary policy decisions— have again been the dominant market forces this week.

Gold Surges to New Highs on Monday

We initially appeared to be going the other way, as fear of economic calamity dug deeper into investors’ psyche on Monday. The state of play regarding tariffs, particularly those levied against China, seemed largely unchanged on the day. It was fear and fretting about thinly veiled threats from the White House to attempt to fire Fed Chair Jerome Powell if he did not capitulate to the President’s demands for immediate interest rate cuts that most unsettled the expectations of economic order. As US equity markets continued to fall, gold spot prices rose to new records of nearly $3,500/oz at the top.

Markets Stabilize Mid-Week

Beginning (very) early Tuesday, however, the Trump Administration, through its various mouthpieces (and Chinese officials, to a lesser extent), began to signal a change in stance. First, talk of modification to steep levies against Chinese imports and some vague “progress” allowed investors to hope that the White House could more meaningfully walk back even more of its threatened tariffs scheduled to take effect in roughly three months.

Next, the Administration and the President himself clarified that they had no intention to remove the Fed Chair before the end of his term. This news allowed investors and traders to hope for a nod toward (if not a return to) normalcy. Equity markets have stabilized, though they are certainly not back to strength as of yet. Gold prices, meanwhile, fell dramatically in Tuesday’s trading before Wednesday morning saw a weekly nadir below $3,280.

Gold's Mid-Week Recovery Fades

We saw a brief bounce for the yellow metal, back above $3,350/oz, mid-week as a result of investors “buying the dip.” However, as the news flow has been largely unchanged since Tuesday, the precious metal has been unable to find support quite that high and is looking to close the week in the neighborhood of $3,300.

For much of next week, we anticipate the same key drivers as some version of trade negotiations continue. We will, however, close next week with key macroeconomic data following the close of April’s book of business, with the newest US Jobs Report due Friday.

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.