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Gold smashes records but price easing expected in near term: market watchers

Markets wait and see if gold can remain above US$3,000 level

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Mia Pei

Mia Pei

Published Sat, Mar 22, 2025 · 05:00 AM
    • Gold's rally was fuelled by heightened market uncertainties, which in turn were driven by escalating Middle East tensions and the unpredictable trade policies of US President Donald Trump.
    • Gold's rally was fuelled by heightened market uncertainties, which in turn were driven by escalating Middle East tensions and the unpredictable trade policies of US President Donald Trump. PHOTO: REUTERS

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    [SINGAPORE] Gold prices are expected to consolidate in the near term after breaking record highs earlier this week, said market watchers.

    Spot gold prices surged to a record high of US$3,034.74 per ounce on Wednesday (Mar 19), after breaching the US$3,000 mark the previous day.

    The prices eased to around US$3,030 by 3.28 pm on Friday, a 37.3 per cent increase from the spot price a year ago, and a 22.2 per cent rise year to date.

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