Gold’s Price (GLD) Is Down Nearly 10% as Investors Pile Back into Stocks

The spot price of gold has fallen 4.5% over the past week and is now below $3,200 an ounce as improving U.S.-China trade relations diminish the appeal of safe-haven assets.

Gold’s price has declined 2% in the past 24 hours to trade at $3,176.50 an ounce. The price of bullion is now down 9% from its high of $3,500 reached in April of this year.

Investors had been piling into gold, sending the price to a record high, amid concerns of a global trade war and escalating import tariffs imposed by the U.S. government. However, investors are now pulling back from gold after the U.S. and China deescalated their trade war and agreed to ongoing negotiations.

Risk Assets

The decrease in the spot price of gold also comes as investors pile back into stocks, cryptocurrencies, and other risk assets amid improving sentiment. Some analysts now say that gold could fall as low as $3,000 an ounce as Wall Street looks past the U.S.-China trade war.

That said, many economists continue to warn of an economic recession in the U.S. this year, a development that could send investors running back into the safety of gold. Bullion has also gotten a boost this year from aggressive buying among central banks around the world.

GLD Price Movement

The SPDR Gold Shares (GLD) exchange-traded fund (ETF) holds physical gold and tracks the spot price movements of the precious metal. As one can see in the chart below, GLD has risen 21% so far in 2025.