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A decisive technical breakout above $3,000 unleashed momentum flows.

Gold accelerated in March, breaking key resistance and clearing $3,000 per ounce for the first time. Decisive breakouts attract self-reinforcing flows — momentum traders, algorithms, and gold-backed ETFs all add to the move — and that dynamic, layered on top of rising geopolitical risk, kicked off the year's major rally.

March was the month the rally became self-reinforcing. The break above $3,000 was not just a round-number milestone — it cleared multi-year technical resistance, triggering buying from momentum funds and trend-following algorithms while gold-backed ETFs began taking inflows after years of stagnation. That return of Western ETF demand, alongside the steady central-bank bid, gave 2025's advance a broader and more durable base than the largely central-bank-driven gains of 2022–2024.