Gold Price Today: Spot Gold Hits Six-Week Low as Fed Outlook and Oil Shock Hit Bullion, Gold Stocks

Gold slumped Wednesday, dropping to its lowest point in over a month as the dollar strengthened and another surge in oil prices cemented expectations for the Federal Reserve to stick with elevated rates. Spot bullion slid 2.6% to $4,874.19 an ounce by 11:14 a.m. ET, hitting its softest mark since Feb. 6. April U.S. gold futures were also down 2.6%, settling at $4,878.20.

Gold slipped on Wednesday, with spot prices down 0.5% at $5,165.93 an ounce as the dollar strengthened and traders leaned into the idea that U.S. rates will stay elevated. April U.S. gold futures fell more sharply, off 1.3% to $5,174.40.

Gold jumped over 2% Monday, climbing to a three-week high as investors moved into bullion on renewed tariff worries and a weaker dollar.By 1:33 p.m. ET, spot gold had gained 2% to $5,206.39 an ounce, while April U.S. gold futures finished up 2.8% at $5,225.60. Earlier, the metal hit a record $5,594.82 on Jan. 29. Silver surged 3.2% to $87.23. Platinum dropped 0.7% to $2,140.75, and palladium edged up 0.1% to $1,750.53. “Our expectation is that gold prices could rise sharply this week once activity picks up,” said Jeffrey Christian, managing partner at CPM Group, pointing to mainland China’s reopening on Tuesday after the Lunar New Year holiday.