Gold Soars as Experts Debate Peak Pricing

1448 ET – The front-month gold price closed with an increase of 1.5%, settling at $3,332.50 per troy ounce. This marks the third highest closing value ever recorded for gold and indicates two gains within the last three sessions. Market analysts are currently discussing whether the peak reached by gold futures last week signifies the apex of this robust upward trend observed earlier in the year. According to Rhona O'Connell from StoneX, "We anticipate that any current risk premiums will diminish further, and barring renewed tension, we believe we've likely witnessed the pinnacle." Despite not necessarily returning to surpass the recent all-time high above $3,400 per troy ounce, she maintains that these elevated pricing levels should remain well-supported based on historical standards. kirk.maltais@wsj.com )

Comex Gold Closes 1.53% Up at $3332.50

The Front Month Comex Gold contract for April settlement increased by $50.10 per troy ounce, equivalent to a gain of 1.53%, reaching $3332.50 today.

— Third-highest closing price ever recorded

—Rallied in two out of the last three sessions

—The value of today's settlement is the third largest for this year.

—Down 2.16% from its 52-week peak of $3406.20 reached on Monday, April 21, 2025

— Increased by 45.44% from its 52-week low of $2291.40 reached on Tuesday, April 30, 2024

— Rose 42.09% compared to 52 weeks ago

—Down 2.16% from its peak of $3,406.20 set on Monday, April 21, 2025, which was the highest point for 2025.

—Increased by 26.31% from its 2025 low of $2638.40 reached on Monday, January 6, 2025.

—Down 2.16% from its peak of $3406.20 reached on Monday, April 21, 2025

— Month-to-date, it has increased by 6.72%.

— Year-to-date, it has increased by $703.30 or 26.75%.

The calculation of all prices relies on the settlement price from the currently active front-month contract.

Source: Dow Jones Market Data, FactSet

Comex Silver Closes 0.003% Up at $32.990

The Front Month Comex Silver contract set for April delivery increased by 0.10 cent per troy ounce, which is equivalent to a 0.003% rise, reaching $32.990 today.

—Breaks a two-session losing streak

— Up 12 out of the last 15 sessions

–Off 5.46% from its 52-week high of $34.897 hit Thursday, March 27, 2025

— Increased by 25.00% from its 52-week low of $26.39, which was reached on Tuesday, April 30, 2024.

—Rose 20.52% since 52 weeks prior

— Down 5.46% from its peak settlement value of $34.897 reached on Thursday, March 27, 2025.

–Up 13.31% from its 2025 settlement low of $29.116 hit Friday, April 4, 2025

— Down 32.26% from its peak of $48.70 reached on Thursday, January 17, 1980

— Month-to-date, it has decreased by 4.26%.

— Year-to-date, it has increased by $4.05 or 13.99%.

All pricing information is determined using the settlement value from the present front-month contract.

Source: Dow Jones Market Data, FactSet

Golden Flats Persist but Stay Strongly Backed

1359 GMT – Gold prices edge upward during European afternoon trading, supported by ongoing uncertainties related to trade discussions between the U.S. and China, economic worries about an impending recession, and unclear monetary policies. The futures have risen slightly by 0.1%, reaching $3,301.70 per troy ounce. "Despite some reduction in its safe-haven allure, the overall outlook for gold remains positive," notes Fawad Razaqzada, a market analyst from Forex.com. He adds, "Although we've seen more stable conditions recently, this stability should not be taken for granted." Market participants are currently looking ahead to significant upcoming releases like US consumer sentiment indices, Gross Domestic Product (GDP) reports, Personal Consumption Expenditures (PCE), and monthly employment numbers known as non-farm payroll figures. giulia.petroni@wsj.com )

Non-Ferrous Metal Prices Vary with Copper Rising Due to Historic Drop in Chinese Stockpiles

0928 GMT - Prices for base metals show varied movements, with LME three-month copper increasing by 0.1% to stand at $9,364.50 per metric ton, whereas LME three-month aluminum has decreased by 0.3%, now trading at $2,430.50 a ton. Copper saw an increase of 1.2% over the past week due to new statistics released by the Shanghai Futures Exchange indicating a substantial drop in inventory levels within China. This suggests robust demand in the actual marketplace according to notes provided by ING analysts. Inventory levels dropped sharply this week by 54,858 tons, reaching 116,753 tons as reported until last Friday; this marks five weeks running where stockpiles have declined. Recently, reports emerged stating that China intends to "fully prepare" contingency strategies aimed at safeguarding their markets against potential global disruptions. Additionally, they expressed intent towards maintaining stability regarding economic development through longer-term planning initiatives rather than short term fixes. There were further indications suggesting possible adjustments might be made concerning certain tariffs levied on specific goods imported from the US—specifically lifting the current rate which stands currently at 125%. joseph.hoppe@wsj.com )

Gold Futures Stabilizing Following Selling Pressure

0803 GMT - Gold futures remain steady at $3,298.90 per troy ounce amid a robust U.S. dollar and indications of reduced tension between the U.S. and China. On Friday, gold prices dropped following their brief surge above $3,500 an ounce during the week. According to Michael Brown from Pepperstone in his report, one key observation for traders is that purchasing interest from Asian buyers seems to have diminished temporarily. This might imply additional downward momentum in the short term, potentially amplified by certain investors holding weak long positions deciding to exit what has become an extremely congested gold trading environment. Despite widespread market unpredictability and fluctuations elsewhere, Brown notes that gold continues to appear as the premier haven asset available. joseph.hoppe@wsj.com )

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