Records broken as gold surges past $3000 USD

Gold’s incredible run only becomes more impressive when you consider the recent volatility in the share market, with the relative performance between the two now sitting at +20% in gold’s favor in 2025.

March 21, 2025

This week's market update:


Gold prices surged above USD $3,000 per troy ounce (oz) this week, reaching record highs. The precious metal was last trading at USD $3,044oz, with wall-to-wall media coverage of this momentous event kicking off a wave of demand from investors worldwide.

The price surge has seen gold deliver an incredible year-to-date return of 17% (in USD terms), with silver, which is now trading at USD $33.46 (+16% year-to-date) joining the precious metal party.

Gold’s incredible run only becomes more impressive when you consider the recent volatility in the share market, with the relative performance between the two now sitting at +20% in gold’s favor in 2025.

This relative outperformance is expected to continue in the period ahead, with fears over higher inflation, lower interest rates, slower growth, a fragile geopolitical outlook and continued central bank demand all underpinning the gold bull market.

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