Broad Markets – Stock markets were marginally higher last week (8 April-12 April). US stocks were up by 0.6%-0.7%; Japanese by 0.3%, EM by 0.2% (in US dollars) while European stocks were flat. Treasury yields in the US also increased after the release of the Fed minutes from the March meeting and a speech by Vice Chair Clarida last week. Bond markets are still expecting a 40% chance of a rate cut by the end of the year, but this has come down substantially from 70% only a few weeks ago. Similarly, the US 3m/10y treasury curve remains flat but has moved again into positive territory, indicating a reduction in expectations of a recession by bond investors. And while the Fed appears to be on a watch-and-see approach, economic advisor Kudlow’s recent comments reiterate that the executive branch is not expecting rate hikes any time soon. Meanwhile, the UK and the EU agreed to delay Brexit until the end of October as the UK Parliament tries to find common ground and a way forward. This proved positive for both the pound the euro which rallied against the US dollar. German bund yields rose and while the front end is still negative, the 10-year bund is again on positive territory. Lastly, the commodities complex moved higher, led by oil (+1.3%) which is now close to 40% up for the year.
Gold Market – Gold had mixed results last week (LBMA +0.5%, XAU -0.1%). Support by a weaker dollar was counterbalanced by higher yields and continued strength in stock markets. Gold has moved below $1,290/oz but remains marginally higher for the year; it has been pulled back below US$1,300/oz twice over the past month and has reverted back up near US$1,280/oz. We expect US yields to influence gold’s short-to-medium term performance as broad markets continuously adjust expectations about what the Fed may do over the coming months (see: The impact of monetary policy on gold, March 2019).
Major markets performance year-to-date*
*As of 12 April 2019.Computations based on total return indices in US dollars for Bloomberg Barclays US Treasury Aggregate, Bloomberg Commodity Index, New Frontier Advisors Global Balanced Index, MSCI EAFE and EM Indices, S&P 500 and Nasdaq. Spot prices for LBMA Gold Price, Solactive Gold Long Dollar Index and LBMA Silver Price. Source: Bloomberg, ICE Benchmark Administration, Solactive AG, World Gold Council
Positioning and liquidity – Volumes in the global gold market have decreased to US$105bn/day in April – approx. 20% down relative to March. Open interest in gold futures is at $81.9bn. COMEX net longs increased slightly to 365t and are close to their year-to-date as well as their 2-year average.
Gold-backed ETF flows by time periods – Globally, gold-backed ETFs experienced marginal outflows of US$28mn on the week ending 12 April. Net positive flows into European funds were offset by heavy net outflows in North America. Year-to-date, flows remain positive by US$1.5bn (1.5% of AUM) mostly supported by Europe inflows. Flows in the US are still positive (+US$174mn), recent outflows have dented an otherwise positive trend in US-listed low-cost gold-backed ETFs.**
**Low-cost US-based gold backed ETFs are defined as gold-backed ETFs that trade on US markets with annual management fees of 20bps or less.
Gold-backed ETF flows
*As of April 2019. Source: Bloomberg, Regulatory filings, World Gold Council
Disclaimer
This information is provided solely for general information and educational purposes. It is not, and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, gold, any gold related products or any other products, securities or investments. It does not, and should not be construed as acting to, sponsor, advocate, endorse or promote gold, any gold related products or any other products, securities or investments.
This information does not purport to make any recommendations or provide any investment or other advice with respect to the purchase, sale or other disposition of gold, any gold related products or any other products, securities or investments, including without limitation, any advice to the effect that any gold related transaction is appropriate for any investment objective or financial situation of a prospective investor. A decision to invest in gold, any gold related products or any other products, securities or investments should not be made in reliance on any of this information. Before making any investment decision, prospective investors should seek advice from their financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.
While the accuracy of any information communicated herewith has been checked, neither the World Gold Council nor any of its affiliates can guarantee such accuracy. In no event will the World Gold Council or any of its affiliates be liable for any decision made or action taken in reliance on such information or for any consequential, special, punitive, incidental, indirect or similar damages arising from, related to or connected with such information, even if notified of the possibility of such damages.
Markets focused on trade tensions last week, as a new 25% US auto import tariff and upcoming retaliatory tariffs weighed on sentiment. Stagflation worries added to the pressure. US, Japan and UK data surprises are in stagflation territory
Global stocks fell this week, erasing earlier gains, after the US announced new tariffs. US Treasury yields held steady, while the dollar slipped on growth concerns ahead of April 2 tariff plans. Oil rose over supply fears linked to US tensions with Venezuela and Iran
Gold (XAU) rose above $3,100/oz in Asian trading Monday, maintaining its strong upward trend despite overbought signals
Stagflation fears abound on higher core PCE inflation and lower spending and consumer confidence, pushing stocks down and gold up – as we have seen in the past.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Last week, the US rattled global markets with unexpectedly aggressive reciprocal tariffs, prompting swift retaliation from China and potential countermeasures from others. The aggressive moves raised fears of slower growth, higher inflation, and job losses, overshadowing otherwise positive economic data.
Tariffs roiled markets, triggering a wave of risk-off sentiment that led to sharp declines in global equities and falling bond yields, as investors sought safe-haven assets. Surprising to some, the US dollar weakened, and oil prices fell after OPEC+’s unexpected output hike.
Amidst the massive sell-off, gold was steady – the ballast during turmoil as always – although possible liquidations to meet margin calls weighed on gold. Nonetheless, gold remains a top performer with a stunning 17% y-t-d gain.
Chart of the week – The cost of winning
Source: Bloomberg, World Gold Council Note: Cumulative daily returns of MSCI USA Index, Bloomberg Commodity index, Bloomberg Bitcoin Index, Bloomberg US Dollar Index, LBMA Gold Price PM, MSCI World Index, Bloomberg US Agg Index and Bloomberg Global Agg Index.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Gold performed exceptionally well in 2024, outperforming all major asset classes and proving to be a strong portfolio diversifier. Over the course of the year the LBMA Gold Price PM set 40 new all-time highs (ATH), the most recent of which was US$2,777.80/oz on 30 October.
Gold rose 25.5% in 2024, likely due to its role as an effective hedge against the heightened geopolitical uncertainty and market volatility experienced this year.
According to our Gold Return Attribution Model, gold’s positive performance was linked to the following key factors:
Strong central bank and investor demand, which offset declining consumer demand
Heightened geopolitical risk due to increased conflicts, along with a busy electoral year across the world
Periods of opportunity costs when markets saw lower yields and a weakening US dollar.
Market consensus expectations suggest a more modest performance for gold in 2025, but with the potential for upside catalysts as the year unfolds. As you prepare for the year ahead, take a look at our 2025 Outlook where we outline potential scenarios and their impact on gold.
Chart 1: Gold outperformed all major asset classes in 2024
*Data as of 31 December 2024. Indices used Bloomberg Barclays Global Treasury ex US, Bloomberg Barclays US Bond Aggregate, ICE BofA US 3-Month Treasury Bills, New Frontier Global Institutional Portfolio Index, MSCI World ex US Total Return Index, Bloomberg Commodity Total Return Index, MSCI EM Total Return Index, LBMA Gold Price PM (USD/oz), MSCI US Total Return Index.
Source: Bloomberg, ICE Benchmark Administration, World Gold Council
Tariff uncertainty continued to weigh on global markets last week. Weak US data and new chip export restrictions on China added to concerns. Growth worries drove ECB rate cuts while China’s economy showed resilience in Q1.
Global equities ended mixed as investors tracked trade talks. The S&P 500 and Nasdaq dropped while the US 10-year Treasury yield fell. The dollar index dipped below 100 amid reducing confidence in US assets. Oil prices rose on supply fears.
Gold has rallied to test next key technical resistance at US$3,350/oz. Investor confidence in US assets weakened further on fears Trump might fire Fed Chair Powell: the dollar plunged early Monday, sending gold to another record high.
Another nervous week awaits with Powell purge fears front and centre, Japan trade talks continuing and China standing firm.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
Gold was sharply lower last week (LBMA -1.8%, XAU -1.5%) on the back of higher yields, a stronger US dollar and a risk-on environment. We expect US yields to influence gold’s short-to-medium term performance as broad markets continuously adjust expectations about what the Fed may do over the coming months (see: The impact of monetary policy on gold, March 2019).
The gold price remains below the key technical level of $1,290, which represented the neckline of the bearish head-and-shoulders pattern. Absent a near-term rally, we would anticipate a fall to $1,225 based on that technical indicator
COMEX net longs decreased sharply last week from 365t to 173t, the lowest levels since 12/3/2018 as gold has fallen 2% in the past two weeks.
Globally, gold-backed ETFs experienced outflows last week of US$769mn. European flows were negative US$335mn. Month-to-date, flows are negative (-US$1.2bn) worldwide. North American gold-backed ETF flows are now negative on the year. Global flows are still positive on the year with the European region the only one with positive flows
As US markets near all-time highs, many experts argue the market is ‘tired’ with US/China trade relations, a dovish Fed, and weaker expected earnings baked into stock prices. We will get further clarity on the economy this week as many tech companies report along with a GDP report on Friday that will highlight the effects of the government shutdown in Q1 on the economy
Broad Markets – Globally stock markets were weaker last week (US -2%, Europe -1%, Japan -3%, China -1%, EM -2% in local terms), the worst week since December. The ECB held rates flat, but introduced additional TLTROs (targeted long term loans to banks), which hurt the value of the euro, while the pound sterling fell 1% vs the US dollar. The US dollar was higher by almost 1%. The US 2/10 curve flattened and continues to stay in the mid-teen range (17bps). 10yr German Bund yields continue to fall to 7bps, their lowest levels since mid-2016, when yields were negative. Commodities were effectively flat with oil mostly unchanged. Focus remains on US/China trade discussions as well as the Friday meeting of the BOJ.
Liquidity – COMEX net longs are back up-to-date and showed a decrease in net longs from 500t to 300t. Gold market liquidity fell in February from $114bn to $104bn a day versus January. However, volumes were heavy on the first week of the month at $128bn.
Technicals – Gold rebounded last week and tested a return to its 200-d moving average with a strong move on Friday.$1,300 will continue to be an important level
Flows by time periods – Weekly flows were lower last week -$554mn. This was mostly from North American and European Funds. Global funds lost $1.1bn this month driven by North America and Europe.
Option Exposure and Volatility –Put/call skew has shifted to cheap while call skew is expensive. This means people are paying up for upside exposure to gold with less concern about the downside.
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Gold as a store of value
Higher stock prices and bond yields grab the headlines
Juan Carlos Artigas
Regional CEO (Americas) and Global Head of Research World Gold CouncilBroad Markets – Stock markets were marginally higher last week (8 April-12 April). US stocks were up by 0.6%-0.7%; Japanese by 0.3%, EM by 0.2% (in US dollars) while European stocks were flat. Treasury yields in the US also increased after the release of the Fed minutes from the March meeting and a speech by Vice Chair Clarida last week. Bond markets are still expecting a 40% chance of a rate cut by the end of the year, but this has come down substantially from 70% only a few weeks ago. Similarly, the US 3m/10y treasury curve remains flat but has moved again into positive territory, indicating a reduction in expectations of a recession by bond investors. And while the Fed appears to be on a watch-and-see approach, economic advisor Kudlow’s recent comments reiterate that the executive branch is not expecting rate hikes any time soon. Meanwhile, the UK and the EU agreed to delay Brexit until the end of October as the UK Parliament tries to find common ground and a way forward. This proved positive for both the pound the euro which rallied against the US dollar. German bund yields rose and while the front end is still negative, the 10-year bund is again on positive territory. Lastly, the commodities complex moved higher, led by oil (+1.3%) which is now close to 40% up for the year.
Gold Market – Gold had mixed results last week (LBMA +0.5%, XAU -0.1%). Support by a weaker dollar was counterbalanced by higher yields and continued strength in stock markets. Gold has moved below $1,290/oz but remains marginally higher for the year; it has been pulled back below US$1,300/oz twice over the past month and has reverted back up near US$1,280/oz. We expect US yields to influence gold’s short-to-medium term performance as broad markets continuously adjust expectations about what the Fed may do over the coming months (see: The impact of monetary policy on gold, March 2019).
Major markets performance year-to-date*
*As of 12 April 2019.Computations based on total return indices in US dollars for Bloomberg Barclays US Treasury Aggregate, Bloomberg Commodity Index, New Frontier Advisors Global Balanced Index, MSCI EAFE and EM Indices, S&P 500 and Nasdaq. Spot prices for LBMA Gold Price, Solactive Gold Long Dollar Index and LBMA Silver Price.
Source: Bloomberg, ICE Benchmark Administration, Solactive AG, World Gold Council
Positioning and liquidity – Volumes in the global gold market have decreased to US$105bn/day in April – approx. 20% down relative to March. Open interest in gold futures is at $81.9bn. COMEX net longs increased slightly to 365t and are close to their year-to-date as well as their 2-year average.
Gold-backed ETF flows by time periods – Globally, gold-backed ETFs experienced marginal outflows of US$28mn on the week ending 12 April. Net positive flows into European funds were offset by heavy net outflows in North America. Year-to-date, flows remain positive by US$1.5bn (1.5% of AUM) mostly supported by Europe inflows. Flows in the US are still positive (+US$174mn), recent outflows have dented an otherwise positive trend in US-listed low-cost gold-backed ETFs.**
**Low-cost US-based gold backed ETFs are defined as gold-backed ETFs that trade on US markets with annual management fees of 20bps or less.
Gold-backed ETF flows
*As of April 2019.
Source: Bloomberg, Regulatory filings, World Gold Council
Disclaimer
This information is provided solely for general information and educational purposes. It is not, and should not be construed as, an offer to buy or sell, or as a solicitation of an offer to buy or sell, gold, any gold related products or any other products, securities or investments. It does not, and should not be construed as acting to, sponsor, advocate, endorse or promote gold, any gold related products or any other products, securities or investments.
This information does not purport to make any recommendations or provide any investment or other advice with respect to the purchase, sale or other disposition of gold, any gold related products or any other products, securities or investments, including without limitation, any advice to the effect that any gold related transaction is appropriate for any investment objective or financial situation of a prospective investor. A decision to invest in gold, any gold related products or any other products, securities or investments should not be made in reliance on any of this information. Before making any investment decision, prospective investors should seek advice from their financial advisers, take into account their individual financial needs and circumstances and carefully consider the risks associated with such investment decision.
While the accuracy of any information communicated herewith has been checked, neither the World Gold Council nor any of its affiliates can guarantee such accuracy. In no event will the World Gold Council or any of its affiliates be liable for any decision made or action taken in reliance on such information or for any consequential, special, punitive, incidental, indirect or similar damages arising from, related to or connected with such information, even if notified of the possibility of such damages.
Weekly Markets Monitor: Liberation Day & Stagflation
Weekly Markets Monitor
Highlights
Chart of the week – Stagflation signs clearer
Source: Bloomberg, World Gold Council
Disclaimer
Important information and disclaimers
© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
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Weekly Markets Monitor: Tariffs Spare no Land
Weekly Markets Monitor
Highlights
Chart of the week – The cost of winning
Source: Bloomberg, World Gold Council
Note: Cumulative daily returns of MSCI USA Index, Bloomberg Commodity index, Bloomberg Bitcoin Index, Bloomberg US Dollar Index, LBMA Gold Price PM,
MSCI World Index, Bloomberg US Agg Index and Bloomberg Global Agg Index.
Disclaimer
Important information and disclaimers
© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
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Gold’s 2024 performance best in 14 years
Taylor Burnette
Research Lead, Americas World Gold CouncilGold performed exceptionally well in 2024, outperforming all major asset classes and proving to be a strong portfolio diversifier. Over the course of the year the LBMA Gold Price PM set 40 new all-time highs (ATH), the most recent of which was US$2,777.80/oz on 30 October.
Gold rose 25.5% in 2024, likely due to its role as an effective hedge against the heightened geopolitical uncertainty and market volatility experienced this year.
According to our Gold Return Attribution Model, gold’s positive performance was linked to the following key factors:
Market consensus expectations suggest a more modest performance for gold in 2025, but with the potential for upside catalysts as the year unfolds. As you prepare for the year ahead, take a look at our 2025 Outlook where we outline potential scenarios and their impact on gold.
Chart 1: Gold outperformed all major asset classes in 2024
*Data as of 31 December 2024. Indices used Bloomberg Barclays Global Treasury ex US, Bloomberg Barclays US Bond Aggregate, ICE BofA US 3-Month Treasury Bills, New Frontier Global Institutional Portfolio Index, MSCI World ex US Total Return Index, Bloomberg Commodity Total Return Index, MSCI EM Total Return Index, LBMA Gold Price PM (USD/oz), MSCI US Total Return Index.
Source: Bloomberg, ICE Benchmark Administration, World Gold Council
Weekly Markets Monitor: The Easter gold surge
Weekly Markets Monitor
Highlights
Chart of the week – dollar on the ropes
Source: Bloomberg
Disclaimer
Important information and disclaimers
© 2025 World Gold Council. All rights reserved. World Gold Council and the Circle device are trademarks of the World Gold Council or its affiliates.
All references to LBMA Gold Price are used with the permission of ICE Benchmark Administration Limited and have been provided for informational purposes only. ICE Benchmark Administration Limited accepts no liability or responsibility for the accuracy of the prices or the underlying product to which the prices may be referenced. Other content is the intellectual property of the respective third party and all rights are reserved to them.
Reproduction or redistribution of any of this information is expressly prohibited without the prior written consent of World Gold Council or the appropriate copyright owners, except as specifically provided below. Information and statistics are copyright © and/or other intellectual property of the World Gold Council or its affiliates or third-party providers identified herein. All rights of the respective owners are reserved.
The use of the statistics in this information is permitted for the purposes of review and commentary (including media commentary) in line with fair industry practice, subject to the following two pre-conditions: (i) only limited extracts of data or analysis be used; and (ii) any and all use of these statistics is accompanied by a citation to World Gold Council and, where appropriate, to Metals Focus or other identified copyright owners as their source. World Gold Council is affiliated with Metals Focus.
The World Gold Council and its affiliates do not guarantee the accuracy or completeness of any information nor accept responsibility for any losses or damages arising directly or indirectly from the use of this information.
This information is for educational purposes only and by receiving this information, you agree with its intended purpose. Nothing contained herein is intended to constitute a recommendation, investment advice, or offer for the purchase or sale of gold, any gold-related products or services or any other products, services, securities or financial instruments (collectively, “Services”). This information does not take into account any investment objectives, financial situation or particular needs of any particular person.
Diversification does not guarantee any investment returns and does not eliminate the risk of loss. Past performance is not necessarily indicative of future results. The resulting performance of any investment outcomes that can be generated through allocation to gold are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. The World Gold Council and its affiliates do not guarantee or warranty any calculations and models used in any hypothetical portfolios or any outcomes resulting from any such use. Investors should discuss their individual circumstances with their appropriate investment professionals before making any decision regarding any Services or investments.
This information may contain forward-looking statements, such as statements which use the words “believes”, “expects”, “may”, or “suggests”, or similar terminology, which are based on current expectations and are subject to change. Forward-looking statements involve a number of risks and uncertainties. There can be no assurance that any forward-looking statements will be achieved. World Gold Council and its affiliates assume no responsibility for updating any forward-looking statements.
Information regarding QaurumSM and the Gold Valuation Framework
Note that the resulting performance of various investment outcomes that can be generated through use of Qaurum, the Gold Valuation Framework and other information are hypothetical in nature, may not reflect actual investment results and are not guarantees of future results. Neither World Gold Council (including its affiliates) nor Oxford Economics provides any warranty or guarantee regarding the functionality of the tool, including without limitation any projections, estimates or calculations.
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Gold was sharply lower last week (LBMA -1.8%, XAU -1.5%) on the back of higher yields, a stronger US dollar and a risk-on environment.
Adam Perlaky
Former Senior Analyst, Americas World Gold CouncilGlobally stock markets were weaker last week the worst week since December
Adam Perlaky
Former Senior Analyst, Americas World Gold CouncilWeek ending 8 March 2019