Highlights
- For the first time ever, Gold prices closed above $3,000.0/oz. before rallying even higher to round up March at $3,150.3/oz., up 10.6% MoM. This is the largest monthly gain since July 2020. Global markets roiled following President Donald Trump’s “Liberation Day” tariffs announcement. The uncertainty, coupled with weakening U.S. dollar, provided the necessary upward support in bringing the Gold price to a new high.
- While the Gold price continued to reach new highs, Silver remained tangled by weak industrial demand concerns. Despite not reaching a new high, Silver prices still managed to gain almost 10% MoM, settling March at $34.610/oz.
- The fear of potential tariffs on U.S. copper imports coming earlier than expected drove the COMEX active Copper prices to an all-time high of $5.3740/lb. on March 26, 2025, before ending the month with a 10.7% MoM gain.
- Market participants are utilizing the deep liquidity of the CME Group Micro product suite to manage their price risk efficiently. Micro Gold (MCG) futures and Micro Copper (MHG) futures saw Q1 2025 average daily volume (ADV) reach 134,498 contracts and 12,763 contracts, respectively. Both numbers represent the second-highest quarterly records in history.
- 1-Ounce Gold (1OZ) futures continued to trade actively, with March 2025 ADV reaching almost 4,000 contracts, while open interest reached its highest level of 4,455 on March 24, 2025.
Micro Gold (MGC), Micro Silver (SIL) and Micro Copper (MHG) Products Update
MGC, SIL and MHG price movement and daily range (expressed in terms of one lot notional)
*Intraday price movement is expressed as the difference between the daily high price and the daily low price multiplied by the contract notional in troy ounce (MGC and SIL) and pounds (MHG).
Options Heatmap (Change in OI from March 3 to April 1, 2025)
Key Economic Events in April/May 2025:
|
Key Economic Event |
ET |
GMT / BST |
SGT / HKT |
|---|---|---|---|
|
U.S. ISM Manufacturing PMI |
Apr 1, 10.00 a.m. |
Apr 1, 3.00 p.m. |
Apr 1, 10.00 p.m. |
|
U.S. Non Farm Payrolls |
Apr 4, 8.30 a.m. |
Apr 4, 1.30 p.m. |
Apr 4, 8.30 p.m. |
|
FOMC Minutes |
Apr 9, 2.00 p.m. |
Apr 9, 7.00 p.m. |
Apr 10, 2.00 a.m. |
|
China Inflation Rate YoY |
Apr 9, 9.30 p.m. |
Apr 10, 2.30 a.m. |
Apr 10, 9.30 a.m. |
|
U.S. Inflation Numbers |
Apr 10, 8.30 a.m. |
Apr 10, 1.30 p.m. |
Apr 10, 8.30 p.m. |
|
China Balance of Trade |
Apr 12, 3.10 a.m. |
Apr 12, 8.10 a.m. |
Apr 12, 3.10 p.m. |
|
China Industrial Production YoY and GDP Growth Rate YoY |
Apr 12, 10.00 p.m. |
Apr 13, 3.00 a.m. |
Apr 13, 10.00 a.m. |
|
China NBS Manufacturing PMI |
Apr 29, 9.30 p.m. |
Apr 30, 2.30 a.m. |
Apr 30, 9.30 a.m. |
|
China Caixin Manufacturing PMI |
Apr 29, 9.45 p.m. |
Apr 30, 2.45 a.m. |
Apr 30, 9.45 a.m. |
|
U.S. Core PCE Price Index |
Apr 30, 8.30 a.m. |
Apr 30, 1.30 p.m. |
Apr 30, 8.30 p.m. |
|
U.S. ISM Manufacturing PMI |
May 1, 10.00 a.m. |
May 1, 3.00 p.m. |
May 1, 10.00 p.m. |
|
U.S. Non Farm Payrolls |
May 2, 8.30 a.m. |
May 2, 1.30 p.m. |
May 2, 8.30 p.m. |
|
U.S. Fed Interest Rate Decision and Fed Press Conference |
May 7, 2.00 p.m. |
May 7, 7.00 p.m. |
May 8, 2.00 a.m. |
|
China Balance of Trade |
May 8, 11.00 p.m. |
May 9, 4.00 a.m. |
May 9, 11.00 a.m. |
|
China Inflation Rate YoY |
May 9, 9.30 p.m. |
May 10, 2.30 a.m. |
May 10, 9.30 a.m. |
|
U.S. Inflation Numbers |
May 13, 8.30 a.m. |
May 13, 1.30 p.m. |
May 13, 8.30 p.m. |
|
China Industrial Production YoY |
May 18, 10.00 p.m. |
May 19, 3.00 a.m. |
May 19, 10.00 a.m. |
|
FOMC Minutes |
May 28, 2.00 p.m. |
May 28, 7.00 p.m. |
May 29, 2.00 a.m. |
|
U.S. GDP Growth Rate QoQ |
May 29, 8.30 a.m. |
May 29, 1.30 p.m. |
May 29, 8.30 p.m. |
|
U.S. Core PCE Price Index |
May 30, 8.30 a.m. |
May 30, 1.30 p.m. |
May 30, 8.30 p.m. |
|
China NBS Manufacturing PMI |
May 30, 9.30 p.m. |
May 31, 2.30 a.m. |
May 31, 9.30 a.m. |
Source: CME Group, Quikstrike
Useful resources
Stay up-to-date with the latest probabilities of FOMC rate moves with the CME FedWatch Tool.
The Commitments of Traders (COT) tool can provide a comprehensive and highly configurable graphical representation of the CFTC's report on market open interest.
Build and test your trading strategies in a simulated environment with free pricing and analytics tools for CME Group markets. Choose from three ways to access exclusive, web-based tools developed by QuikStrike®.
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