Spot gold dropped 2.9% to $3,024.20 per ounce, hitting an intraday low of $3,015.29. This comes just days after notching a record high of $3,167.57 on Thursday. For the week, gold fell 1.9%. U.S. gold futures also closed lower, down 2.8% at $3,035.40.
Technically, the spot price managed to stay just above its 21-day moving average, currently at $3,023—considered a key support level by analysts.
Despite gold’s reputation as a safe-haven asset, it was caught in Friday’s crossfire as investors facing margin calls or losses in equities and derivatives sold off gold positions to free up liquidity. Analysts point out that this kind of movement is typical during periods of high volatility, when gold often serves as a source of cash to cover losses elsewhere in a portfolio.
Still, the bigger picture remains supportive for gold. Since the start of 2025, the metal has been buoyed by strong demand from central banks and its enduring role as a hedge against both economic instability and geopolitical risk.
In a local example of this global trend, the Bank of Greece reported active trading in physical gold coins. On Friday, the central bank was buying British gold sovereigns at €635.25 and selling at €744.44. During the first quarter of 2025, private investors sold 11,150 gold sovereigns to the Bank of Greece while purchasing 1,732. The total value of coins sold to the bank in just 90 days surpassed €6 million—highlighting continued investor interest in tangible assets amid ongoing uncertainty.
