In March 2025, gold prices surged by 9% while the S&P 500 experienced a decline of 7.6%, marking an 18% performance gap, the largest since 2011. This increase in gold prices resulted in inflows of $2.8 billion into the SPDR Gold Shares ETF, contrasting with $18 billion in outflows from the SPDR S&P 500 ETF. Year-to-date, gold has outperformed the S&P 500 by 22 percentage points, with gold prices up 17% and the S&P 500 down 5%. The quarter also saw silver prices rise by 18%, while Bitcoin fell by 12%. Analysts noted that gold's performance in the first quarter was the best since 1986, with predictions from Goldman Sachs and Bank of America suggesting potential for further increases, with estimates reaching $4,500 per ounce next year. As of April 1, 2025, gold was trading at $3,134 per ounce, reflecting a 20% increase on a dollar basis and a 16% increase on a euro basis since the start of the year. This trend indicates a shift in investor behavior, with gold being viewed as a safe haven amid economic uncertainty.