2026-03-08 23:44:00
Gold opened higher on the day and touched $5196 in a quick spike to start the day.
It barely lasted a minute though and it’s been straight lower since then with gold now down $102 to $5066, about a 2% decline. Silver is 3% lower.
Last week, gold was lower overall but it rallied in Asian trading hours each day.
Gold in Asian hours last week
That spell appears to be broken as it’s turned into something of a ‘sell everything’ mode as oil prices spike once again. WTI is up $14.75 to $107.41 on the day.
Ultimately, the disarray in global markets and a potential recession due to high oil prices is good for gold. A spike in inflation would also add to the allure of gold.
But in the short-term, the turmoil in markets is the kind of thing that leads to traders paring risk and gold is a crowded and leveraged trade. It’s not a pretty picture at the moment in anything as US equity futures fall another 1.6% and Japanese futures fall 3%.
