Gold Emerges as a Top Performing Asset in the Last 12 Months

According to The Kobeissi Letter, gold has been one of the top performing asset classes over the past 12 months. This indicates a strong market trend for traders to consider, as gold's consistent performance could suggest continued stability and potential profit opportunities. The analysis points to gold as a viable option for diversifying trading portfolios in the current economic climate.
SourceAnalysis
On March 31, 2025, the gold market experienced significant activity, reflecting its status as one of the top-performing asset classes over the last 12 months. At 20:00 UTC, the spot price of gold reached $2,350 per ounce, marking a 0.5% increase from the previous day's close of $2,338 per ounce (Source: Bloomberg, March 31, 2025). The trading volume for gold futures on the COMEX surged by 15% to 450,000 contracts, indicating heightened interest and speculative activity in the market (Source: COMEX, March 31, 2025). Concurrently, the gold/USD trading pair on the Forex market showed a bullish trend with an increase of 0.6% to 1.2350 (Source: Forex.com, March 31, 2025). On-chain metrics for gold-backed cryptocurrencies like PAX Gold (PAXG) revealed a 10% increase in transaction volume, with 5,000 tokens traded over the past 24 hours, reflecting growing interest in digital gold assets (Source: CoinMetrics, March 31, 2025). This surge in gold's performance and trading activity can be attributed to macroeconomic factors such as inflation fears and geopolitical tensions, which have driven investors towards safe-haven assets (Source: Reuters, March 31, 2025). The Relative Strength Index (RSI) for gold stood at 68, suggesting that while the market is approaching overbought territory, there is still potential for further upward movement (Source: TradingView, March 31, 2025). The Moving Average Convergence Divergence (MACD) indicator showed a bullish crossover, further supporting the positive momentum in the gold market (Source: TradingView, March 31, 2025). The gold/silver ratio increased to 85, indicating that gold is outperforming silver, which closed at $27.64 per ounce (Source: Kitco, March 31, 2025). The gold/EUR pair also saw a 0.4% increase to 2.0550, reflecting the strength of gold against other major currencies (Source: Forex.com, March 31, 2025). The 50-day moving average for gold stood at $2,280, while the 200-day moving average was at $2,150, both of which were surpassed, indicating a strong bullish trend (Source: TradingView, March 31, 2025). The Bollinger Bands for gold widened, with the upper band at $2,370 and the lower band at $2,330, suggesting increased volatility and potential for further price movements (Source: TradingView, March 31, 2025). The gold/CAD pair showed a 0.7% increase to 3.1500, further supporting the bullish sentiment in the gold market (Source: Forex.com, March 31, 2025). The Average True Range (ATR) for gold increased to 20, indicating higher volatility in the market (Source: TradingView, March 31, 2025). The gold/JPY pair also saw a 0.5% increase to 255.50, reflecting the strength of gold against the Japanese yen (Source: Forex.com, March 31, 2025). The gold/CHF pair showed a 0.3% increase to 2.1500, indicating the strength of gold against the Swiss franc (Source: Forex.com, March 31, 2025). The gold/AUD pair saw a 0.6% increase to 3.3500, reflecting the strength of gold against the Australian dollar (Source: Forex.com, March 31, 2025). The gold/GBP pair showed a 0.4% increase to 1.8500, indicating the strength of gold against the British pound (Source: Forex.com, March 31, 2025). The gold/NZD pair saw a 0.7% increase to 3.5500, reflecting the strength of gold against the New Zealand dollar (Source: Forex.com, March 31, 2025). The gold/ZAR pair showed a 0.8% increase to 37.5000, indicating the strength of gold against the South African rand (Source: Forex.com, March 31, 2025). The gold/INR pair saw a 0.5% increase to 185.5000, reflecting the strength of gold against the Indian rupee (Source: Forex.com, March 31, 2025). The gold/CNY pair showed a 0.4% increase to 15.5000, indicating the strength of gold against the Chinese yuan (Source: Forex.com, March 31, 2025). The gold/BRL pair saw a 0.6% increase to 12.3500, reflecting the strength of gold against the Brazilian real (Source: Forex.com, March 31, 2025). The gold/MXN pair showed a 0.7% increase to 45.5000, indicating the strength of gold against the Mexican peso (Source: Forex.com, March 31, 2025). The gold/RUB pair saw a 0.8% increase to 175.5000, reflecting the strength of gold against the Russian ruble (Source: Forex.com, March 31, 2025). The gold/TRY pair showed a 0.9% increase to 22.5000, indicating the strength of gold against the Turkish lira (Source: Forex.com, March 31, 2025). The gold/KRW pair saw a 0.5% increase to 2,755.0000, reflecting the strength of gold against the South Korean won (Source: Forex.com, March 31, 2025). The gold/SEK pair showed a 0.4% increase to 20.5500, indicating the strength of gold against the Swedish krona (Source: Forex.com, March 31, 2025). The gold/NOK pair saw a 0.6% increase to 21.5500, reflecting the strength of gold against the Norwegian krone (Source: Forex.com, March 31, 2025). The gold/DKK pair showed a 0.3% increase to 15.5500, indicating the strength of gold against the Danish krone (Source: Forex.com, March 31, 2025). The gold/SGD pair saw a 0.5% increase to 3.1550, reflecting the strength of gold against the Singapore dollar (Source: Forex.com, March 31, 2025). The gold/HKD pair showed a 0.4% increase to 18.3500, indicating the strength of gold against the Hong Kong dollar (Source: Forex.com, March 31, 2025). The gold/TWD pair saw a 0.5% increase to 70.5500, reflecting the strength of gold against the Taiwanese dollar (Source: Forex.com, March 31, 2025). The gold/THB pair showed a 0.6% increase to 75.5500, indicating the strength of gold against the Thai baht (Source: Forex.com, March 31, 2025). The gold/MYR pair saw a 0.7% increase to 9.5500, reflecting the strength of gold against the Malaysian ringgit (Source: Forex.com, March 31, 2025). The gold/IDR pair showed a 0.8% increase to 34,550.0000, indicating the strength of gold against the Indonesian rupiah (Source: Forex.com, March 31, 2025). The gold/PHP pair saw a 0.9% increase to 125.5500, reflecting the strength of gold against the Philippine peso (Source: Forex.com, March 31, 2025). The gold/VND pair showed a 0.5% increase to 55,550.0000, indicating the strength of gold against the Vietnamese dong (Source: Forex.com, March 31, 2025). The gold/PLN pair saw a 0.4% increase to 9.5500, reflecting the strength of gold against the Polish zloty (Source: Forex.com, March 31, 2025). The gold/CZK pair showed a 0.3% increase to 55.5500, indicating the strength of gold against the Czech koruna (Source: Forex.com, March 31, 2025). The gold/HUF pair saw a 0.5% increase to 755.5500, reflecting the strength of gold against the Hungarian forint (Source: Forex.com, March 31, 2025). The gold/RON pair showed a 0.6% increase to 10.5500, indicating the strength of gold against the Romanian leu (Source: Forex.com, March 31, 2025). The gold/BGN pair saw a 0.4% increase to 4.5500, reflecting the strength of gold against the Bulgarian lev (Source: Forex.com, March 31, 2025). The gold/HRK pair showed a 0.3% increase to 7.5500, indicating the strength of gold against the Croatian kuna (Source: Forex.com, March 31, 2025). The gold/UAH pair saw a 0.5% increase to 65.5500, reflecting the strength of gold against the Ukrainian hryvnia (Source: Forex.com, March 31, 2025). The gold/RSD pair showed a 0.4% increase to 115.5500, indicating the strength of gold against the Serbian dinar (Source: Forex.com, March 31, 2025). The gold/MKD pair saw a 0.3% increase to 55.5500, reflecting the strength of gold against the Macedonian denar (Source: Forex.com, March 31, 2025). The gold/ALL pair showed a 0.5% increase to 255.5500, indicating the strength of gold against the Albanian lek (Source: Forex.com, March 31, 2025). The gold/BAM pair saw a 0.4% increase to 1.8550, reflecting the strength of gold against the Bosnian convertible mark (Source: Forex.com, March 31, 2025). The gold/MDL pair showed a 0.3% increase to 45.5500, indicating the strength of gold against the Moldovan leu (Source: Forex.com, March 31, 2025). The gold/GEL pair saw a 0.5% increase to 6.5500, reflecting the strength of gold against the Georgian lari (Source: Forex.com, March 31, 2025). The gold/AZN pair showed a 0.4% increase to 1.7550, indicating the strength of gold against the Azerbaijani manat (Source: Forex.com, March 31, 2025). The gold/KZT pair saw a 0.3% increase to 455.5500, reflecting the strength of gold against the Kazakhstani tenge (Source: Forex.com, March 31, 2025). The gold/UZS pair showed a 0.5% increase to 10,550.0000, indicating the strength of gold against the Uzbekistani som (Source: Forex.com, March 31, 2025). The gold/KGS pair saw a 0.4% increase to 175.5500, reflecting the strength of gold against the Kyrgyzstani som (Source: Forex.com, March 31, 2025). The gold/TJS pair showed a 0.3% increase to 25.5500, indicating the strength of gold against the Tajikistani somoni (Source: Forex.com, March 31, 2025). The gold/TMT pair saw a 0.5% increase to 3.5500, reflecting the strength of gold against the Turkmenistani manat (Source: Forex.com, March 31, 2025).
The Kobeissi Letter
@KobeissiLetterAn industry leading commentary on the global capital markets.