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:
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Gold briefly pushed to new all-time highs this week, repeatedly reclaiming $4,600/oz and printing a new record near midweek.
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Even with a softer core CPI print and stronger retail sales, risk-off sentiment stayed firm enough through Wednesday to keep gold supported.
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A resurgent US Dollar in the back half of the week put pressure on gold, driving a pullback from the highs and re-centering the fight around $4,600.
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A late-week easing of immediate geopolitical escalation helped cool the safety bid, triggering a sharp but short-lived dip before gold stabilized below $4,600.
This week’s price action for gold has had more ups and downs than what became the status quo in Q4 of 2025. Whereas most weekly snapshots reflected pricing climbing steadily over five sessions, or else (less often) dropping sharply in a single session before stabilizing for the remainder of the week, over the last five days, gold has briefly touched new all-time highs before reeling back on Thursday and Friday.
Importantly, however, spot and futures prices still remain in the neighborhood of the records.
There was, of course, a strong rally in gold as a risk-off play when markets opened Sunday night, persisting through Monday morning’s trading, in reaction to the weekend announcement from the Federal Reserve that its officials were under investigation by the DOJ.
Under reasonable concerns of instability, the yellow metal blew through $4600/oz for a period of Monday’s trading (a level we had previously noted as apparent resistance) before moderating just below that level from a high near $4620.
Over the last five days, there has been little to no effort to turn down the temperature on this new—or at least newly escalated—story. Rather, investors’ heads have been turned instead by a super-heating of rhetoric from Washington about contemplating military intervention in the deepening civil conflict in Iran and/or the US executive’s interest in possessing Greenland as a US territory.
Regardless of where one tries to (or is forced to) focus one’s attention, uncertainty about market stability and a total lack of effort to cool any of the agglomeration of geopolitical tensions continued to support gold as a safe-haven asset.
