Hello and welcome to our market week preview, where we take a look at the economic data, market news, and headlines likely to have the biggest impact on pricing and market momentum for gold, Silver, and platinum, as well as key correlated assets.
Gold Markets
Gold prices continue to rise modestly on Monday after a severe drawdown over the first two weeks of March. Picking up roughly $50/oz in the New York morning hours, the precious metal trades around $4550 at lunchtime while investors and traders try to determine the viability of a challenge to last week’s briefly held high-water mark of $4600. While tensions, threats, and projections around the US and Israel’s war in Iran certainly didn’t cool last week, they at least avoided worsening in a tangible way (for markets), and as a result, we are seeing an uptick of flow from interest buyers stepping into gold at lower prices following a –15% decline in March. But the slightly longer-term concerns about energy prices that have risen sharply and still may hockey-stick higher if the conflict extends past April, pushing global inflation higher to a pain point, still remain front-of-mind for investors. And as hopes for another rate cut in the first half of 2026 continue to dim, gold, as a non-yielding asset, continues to face headwinds that so far are muting this potential rally.
Silver & Platinum Markets
Silver and platinum markets are being buffeted by the same macro effects: a strengthening US Dollar that tamps down on global interest in buying USD-denominated commodities, and the presumption of a widening gulf between now and the next reduction in interest rates; the latter of which contributes to the former. And although the outflow away from gold-backed ETFs has slowed, there was some contagion to ETFs based around other precious metals, particularly Silver. While neither Silver nor platinum has had quite the same upward momentum as gold on Monday, they are both being allowed some consolidation on our way out of a brutal March; Silver at $70/oz and platinum at $1900.Key US Data to Watch
Wednesday, April 1 at 8:30 am ET // Retail Sales (Feb)
[consensus est.: +0.4% MoM // prev.: -0.2%]
Wednesday, April 1 at 10 am ET // ISM Manufacturing Survey (Mar)
[consensus est.: 52.3 // prev.: 52.4]
Friday, April 3 at 8:30 am ET // March Jobs Report
[(NFP) consensus est.: +55K // prev.: -92K]
[(Unemployment Rate) consensus est.: 4.4% // prev.: 4.4%]
Wednesday, April 1 at 8:30 am ET // Retail Sales (Feb)
[consensus est.: +0.4% MoM // prev.: -0.2%]
Wednesday, April 1 at 10 am ET // ISM Manufacturing Survey (Mar)
[consensus est.: 52.3 // prev.: 52.4]
Friday, April 3 at 8:30 am ET // March Jobs Report
[(NFP) consensus est.: +55K // prev.: -92K]
[(Unemployment Rate) consensus est.: 4.4% // prev.: 4.4%]
And that’s how the precious metals basket is performing to begin the week. As always, we wish you all the best of luck in your markets in the coming days, and we’ll look forward to seeing you all back here next week for another metals market preview.
