Gold Climbs To Fresh Records As Traders Shrug Off Hot GDP And Price In Risk

Happy Friday, traders. Welcome to our play marketplace wrap, wherever we instrumentality a look backmost astatine these past 5 trading days with a absorption connected the marketplace news, economical data, and headlines that had the astir interaction connected golden prices and different cardinal correlated assets— and whitethorn proceed to successful the future.

Here’s what you request to know:

1. Gold deed caller all-time highs and is acceptable to adjacent the week conscionable nether $4,550/oz, up much than $200/oz from Sunday evening’s open.

2. A much-stronger-than-expected Q3 GDP people did not chill the rally—precious metals surged aft the merchandise alternatively of fading.

3. Markets look to beryllium leaning risk-off anyway, with skepticism astir top-line information and continued expectations for complaint cuts adjacent year.

4. Escalating geopolitical hostility helped support safe-haven request elevated into bladed year-end liquidity.

While the vacation play often brings astir a “Santa Clause Rally” successful the US banal markets, this twelvemonth the large feline appears to beryllium much of a golden bug arsenic spot prices for the yellowish metallic are again up astatine caller all-time highs this week and golden looks adjacent retired the week conscionable beneath $4550/oz. This is an unthinkable premium of much than +$200/oz supra Sunday evening’s opening bids.

The sole large information constituent connected connection this week was the “2nd estimate” of the US economy’s maturation successful Q3 of 2025 arsenic measured by GDP. Where the marketplace statement was looking for +3.3% QoQ, the reported fig came successful a afloat percent constituent higher astatine +4.3%.

If 1 takes this shockingly beardown study connected look value, it is simply a motion that a batch of the interest astir the medium- to longer-term wellness of the US system nether the existent authorities of tariffs and retaliation that has underpinned truthful overmuch trading successful 2025 mightiness beryllium overwrought.

As a result, we would past mostly expect to spot hazard assets similar US equities surge higher portion the USD would fortify and gully attraction arsenic the premier safe-haven hedge, arsenic golden prices mightiness soften.

Instead, we saw the precious metals handbasket hockey-stick higher successful an assertive rally connected Tuesday pursuing the GDP release; not lone did golden apical $4475, but metallic spot prices besides traded supra $70/oz.

Some of the truly successful much risk-off assets similar golden and metallic whitethorn beryllium a effect of the professionalized broadside of the market—traders and wealth managers—distrusting the top-line information from this week’s GDP release, particularly arsenic caller jobs information continues to awesome a moderating labour marketplace astatine best.

The market’s estimated projection for monetary argumentation adjacent twelvemonth inactive calls for astatine slightest 2 involvement complaint cuts, and we would person expected to spot that basal lawsuit go much hawkish if the information this week were received with thing but exuberance and a risk-on attitude.