Gold and Silver ETFs Slide to One-Month Lows on $85 Oil and Strong Dollar
Gold and silver futures plunged to one-month lows as a stronger dollar, oil surging above $85, and renewed inflation fears from the Iran conflict weighed on demand. Swiss gold exports fell to their lowest since the August 2025 tariff shock after the Federal Reserve held interest rates.
1. Gold and Silver Price Declines
Gold futures retreated about 3% from their February peak, sliding to one-month lows, while silver dropped roughly 4%, driving AAAU’s net asset value lower as investors move out of precious metals.
2. Contributing Factors
The U.S. dollar rallied to multi-month highs, oil prices topped $85 per barrel, and renewed inflation concerns tied to the Iran conflict undercut the safe-haven appeal of gold and silver.
3. Swiss Gold Export Weakness
Swiss gold exports plunged to their lowest level since the August 2025 tariff shock, signaling softer physical demand and reduced supply flows that compound downward pressure on global prices.
4. Implications for AAAU Investors
Upticks in dollar strength and geopolitical risk have weighed on AAAU’s NAV, but the pullback may offer long-term investors a discounted entry point into the gold ETF.