With very little emerging news today affecting the gold markets let us take a look back at the major drivers that brought gold to the precipice of $5,000 per ounce this year and last.

Geopolitical Uncertainty

Gold futures reclaimed the psychologically significant $5,000 threshold on Wednesday, with the April contract advancing $98.40, or 2.01%, to $5,005 at the time of writing — a meaningful technical victory that spot prices have thus far been unable to replicate.

Gold's record-breaking rally has stalled — and the culprit is not a geopolitical ceasefire or a collapse in investor anxiety. It is something more prosaic, and in many ways more durable: a stronger dollar and a Federal Reserve that the market has decided is in no particular hurry.

Precious metals markets weathered significant turbulence this week, ultimately closing near their Monday opening levels after a dramatic mid-week flash crash tested key support levels. The volatile trading pattern underscored ongoing tensions between dovish monetary policy expectations and technical selling pressure from systematic strategies.

Precious metals experienced sharp declines Thursday morning as a broad-based selloff swept across multiple asset classes, with analysts attributing the move to forced liquidation rather than fundamental factors.

Gold futures continued their impressive rally on Tuesday, with front month Comex gold for February delivery surging $67.80 per troy ounce to settle at $5,071.60, marking a 1.35% gain. The precious metal has demonstrated strong momentum in recent sessions, rising in five of the past seven trading days, though prices trimmed earlier gains following the release of January's employment data.

Gold fell by $34 per ounce on Tuesday, closing at $5,023 still near a two-week high as recent US economic indicators reinforced expectations for Federal Reserve policy accommodation.

Gold and silver broke back above the key levels we had spoke about on Friday as being critical to avoid being trapped in a range and experiencing another pullback. That level in gold was $5,000 which gold traded above today after opening at $4,989. Spot gold is currently showing a gain of around $100 or 2% at around $5,063 at the time of writing.

Gold demonstrated resilience this week, recovering from recent losses to post a $175 gain—a 3.63% increase—bringing prices to just below the psychologically significant $5,000 threshold. Despite this recovery, the yellow metal remains approximately $660, or 11.82%, below the record high established last week.

Precious metals continued their sharp retreat today, with both gold and silver failing to reclaim critical technical levels that had previously served as support, triggering further liquidation in an already fragile market environment.