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Spot gold hit an all-time high of $3,057.21 on March 20 after the Fed signaled two rate cuts in 2025. Analysts cited geopolitical uncertainty, inflation and a weaker dollar as supports for investment demand.
A record gold price reflects a weaker dollar and lower rate expectations, which are macro signals with only indirect impact on feed commodity prices.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.