The precious metals market experienced a notable reversal this week as gold prices retreated from recent highs, driven by the same geopolitical forces that had previously fueled the metal's ascent. 

Gold prices have delivered an extraordinary performance over the past eight trading sessions, culminating in today's spectacular close that has sent shockwaves through precious metals markets worldwide.

Record-Breaking Session

Gold futures extended their winning streak to a third consecutive day as investors seek safe-haven assets amid possible escalating geopolitical tensions in the Middle East. The most active June 2025 contract climbed $34.50 or 1.05% to settle at $3,319.10, successfully maintaining its position above the key technical support level of $3,180.

Gold futures basis the most active June 2025 contract has been able to maintain its pricing above a key level of technical support at $3180. After falling to a low of $317o on Wednesday, May 14 gold futures have been able to open and close above that key critical technical support level.

Recent economic reports and trade agreements have dramatically reshaped market sentiment for gold, driving prices significantly lower over a remarkably short timeframe.

Gold futures rebounded strongly today, recovering from yesterday's $70 decline that had pushed prices below the $3,200 mark. As of 4:00 PM ET, the most active June contract surged $57.30 (1.80%) to settle at $3,233.67. After opening at $3,180.80 and testing a low of $3,123, gold mounted an impressive recovery to finish with nearly 2% gains.

Gold futures retreated significantly on Wednesday as the precious metal faced its fourth declining session in the past six trading days, finding technical support at a critical moving average.

Gold futures edged higher Tuesday as the dollar weakened following the release of April's inflation data showing consumer prices rose at their slowest pace in four years. The most active June 2025 gold futures contract gained $14.90, or 0.46%, settling at $3,256.90. 

Gold prices tumbled Monday as landmark trade agreements between the United States and two major trading partners—China and the United Kingdom—significantly strengthened the US dollar and altered the economic landscape for investors.

Gold prices staged an impressive recovery this week, nearly erasing last week's losses as investors sought safe-haven assets ahead of critical trade negotiations between the United States and China scheduled for this weekend in Switzerland.