The gold price today (11 April) hit a new all-time high, breaching US$3,200 ($5,149) to US$3,243 a troy ounce as of 6.25pm AEST.
Only a few days ago the gold price trickled over US$3,030 – that is a nifty rise of just over 6% in a few short days.
Unsurprisingly, the S&P/ASX200 closed lower Friday, dropping 63.10 points or 0.82% to 7,646.5. Over the past five days, the index has lost 0.28% and 2.14% over the last 52 weeks.
Throughout Q1 2025, gold continued to assert its role as a safe haven asset, with market sentiment remaining strong, and potentially pointing to further growth still to come, as reported by Mining.com.au.
Alice Queen (ASX:AQX) Managing Director Andrew Buxton told this news service recently the gold market sentiment is strong and can become stronger due to the uncertainty in global financial markets.
Similarly, Pacgold (ASX:PGO) Managing Director Matt Boyes shares this bullish outlook, stating “it’s probably the most bullish I’ve witnessed for a long time”.
Macroeconomic factors are playing a role in gold’s trajectory this past quarter. The World Gold Council attributes gold’s February performance to a weakened US dollar, rising geopolitical risks, and a drop in interest rates.
As market volatility and economic uncertainty continue to shape the global landscape, gold’s safe-haven status is expected to keep driving its appeal, cementing its position as a critical asset in the short and long term.
Central banks are accumulating gold as a hedge against geopolitical instability, combined with the risk of recessions.
Write to Adam Orlando at Mining.com.au
Images: ABC Bullion & Westgold
