Gold crosses US$3000 per ounce for the first time, a weaker USD helps buoy the crude oil price, and tech giants sign pledge to triple global nuclear capacity.
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Gold
Bullish
- Gold crossed US$3000 per ounce for the first time as investors sought safe haven from the US’s volatile foreign policy.1 Jumps in the gold price is typically correlated with investor uncertainty and fear in the market. Global central banks also contributed to the price surge as they divested from US treasuries and added gold instead to their reserves.
- Gold ETFs saw their largest monthly inflow since March 2022 in February.2 Much of the inflow could be attributed to US investors who bought up 72.2 tonnes of the metal over the month. Asian investors were the next largest contributor having purchased 24.4 tonnes.
Bearish
- Global central banks, one of the main contributors of gold’s price surge, have shown surprising price sensitivity when accumulating gold.3 This could mean gold could struggle to significantly exceed US$3000 per ounce but may also find structural support below US$2900.
Explore physical gold with GOLD & GXLD.
Crude Oil
Bullish
- A weaker US dollar has helped buoy crude oil prices.4 The DXY, a measure of US dollar value, has fallen 3.6% since the beginning of march as traders priced in slow economic growth in the US due to tariffs. A weak USD makes crude oil cheaper for emerging market economies, which can translate to increased demand.
Bearish
- Ukraine has accepted a 30-day ceasefire proposal put forward by the US.5 If Russia were to accept, it could potentially open a pathway to the lifting of US sanctions on Russian energy exports. US Secretary of State, Marco Rubio, has previously stated that the US administration may lift sanctions if there is a “noticeable change” in Moscow’s behaviour around Ukraine.6
Explore crude oil with BCOM.
Uranium
Bullish
- Tech giants including Amazon, Google, and Meta, have signed a pledge supporting the tripling of global nuclear capacity by 2050.7 The announcement was unveiled at CERAWeek, an event co-hosted by World Nuclear Association and Urenco. The agreement, also known as the “Large Energy Users Pledge”, has also been signed by 31 countries and 140 nuclear industry firms.
Bearish
- The uranium spot price has declined to US$65 per pound according to the last price release by UxC.8 This marks a decline of 10% since the beginning of the year.
Explore uranium with ATOM.
Forecasts are not guaranteed and undue reliance should not be placed on them. This information is based on views held by Global X as at 18/03/2025. Investing involves risk, including the possible loss of principal. Diversification does not ensure a profit nor guarantee against a loss.
Brokerage commissions will reduce returns.
This material represents an assessment of the market environment at a specific point in time and is not intended to be a forecast of future events, or a guarantee of future results. This information is not intended to be individual or personalised investment or tax advice and should not be used for trading purposes. Please consult a financial advisor or tax professional for more information regarding your investment and/or tax situation.
