SPDR Gold Trust, the world’s largest gold-backed exchange-traded fund, continued to buy 3.71 tonnes of gold on March 11. This marked the second consecutive net buying session after a five-day period of selling. In two sessions, the fund has net purchased 6.6 tonnes of gold. SPDR now holds nearly 1.077 tonnes of gold.
Gold prices have been choppy in a range around 5,100 to 5,200 USD per ounce. Data from Kitco showed spot gold trading in the morning of March 12 near 5,152 USD/oz, a pause after gold had surged more than 20% since the start of 2026. The dollar index (DXY) continued to strengthen, rising toward around 99.5, the highest since late November of last year, after a US Labor Department inflation report showed inflation still distant from the Fed’s 2% target. The report showed the February CPI up 0.3% month over month, higher than January’s 0.2% and in line with forecasts. Year on year, CPI rose 2.4%, also in line with forecasts. This Friday the US Commerce Department will release the Personal Consumption Expenditures (PCE) price index, the inflation gauge favored by the Fed. The Fed’s next meeting is scheduled for March 17-18, with analysts currently forecasting that rates will be held. Peter Grant, a strategist at Zaner Metals, told Reuters: The gold market seems to be balancing between risk-off demand due to war and concerns about higher rates for longer. Despite the USD pressure, gold remains the ultimate safe-haven. The tensions in the Middle East and evolving developments continue to cushion gold from deeper declines. If the conflict widens and disrupts global oil supply, pushing energy prices higher, gold could resume an upward move toward the 5,500 USD/ounce target as forecast by major financial institutions.
