Gold Snaps its Eight-Week Winning Streak as Stocks Turn in a Mixed Weekly Performance
Last week, gold recorded its eighth consecutive weekly gain as investors, wary of a potential trade war, flocked to safe-haven assets. This week’s economic calendar was packed with Federal Reserve speaking engagements, while traders looked ahead to the release of U.S. housing data on Thursday and inflation data on Friday.
Stocks had a mixed performance on Monday following Friday’s steep selloff. Notably, the Nasdaq Composite dropped 1.2% as tech shares declined. Meanwhile, gold surged to its eleventh all-time high of 2025, reaching $2,957 as tariff concerns fueled a risk-off sentiment among investors.
Tuesday marked the fourth consecutive daily decline for the tech-heavy Nasdaq, driven in part by an 8% drop in Tesla shares. Gold, however, retreated from record highs, sliding more than 2% as profit-taking pushed it to a one-week low of $2,913. Similarly, silver ended the session 1.9% lower at $31.75.
Gold saw a modest decline on Wednesday but held critical support above $2,900 after the U.S. Census Bureau reported a more than 10% drop in new home sales for January. Further losses were limited by safe-haven inflows from investors concerned about U.S. economic health and trade volatility. Meanwhile, the S&P 500 and Nasdaq snapped their four-session losing streaks ahead of Thursday’s highly anticipated earnings report from Nvidia.
Despite Nvidia’s better-than-expected quarterly earnings report, stocks tumbled on Thursday as Wall Street sentiment remained cautious ahead of tariffs against Canada and Mexico, set to take effect on March 3.
Gold faced multiple headwinds on Thursday, weighed down by continued profit-taking and a 0.74% rise in the dollar index. As a result, gold dropped 1.6%, closing at $2,863, while silver slipped to $31.21 an ounce.
Gold extended its losses today as inflation data met expectations, increasing the likelihood of a more cautious Federal Reserve stance on rate cuts. By the end of today’s trading, gold was down 2.8% for the week, snapping its eight-week winning streak. Silver also faced pressure from the inflation report, ending the week 4.5% lower at $32.15.
Wall Street rallied this morning, led by a surge in tech stocks—most notably, Nvidia, which climbed 4%. Despite today’s rebound, the Nasdaq ended the week down 3.81%, while the S&P 500 posted a 1.23% weekly loss. However, today’s rally helped the Dow close the week in positive territory, gaining 0.80%.