Gold prices headed for their second straight quarterly rise this Friday, March 31, as the growing bets that the US Federal Reserve will slow down the pace of interest rate hikes investors were drawn to the metal.
Gold futures lose 0.3% and trade at $1,989 an ounce, after prices rose at the opening of the wheel after learning that US consumer spending rose slightly in February.
While in the month it accumulates an increase of 150 dollars, in the first quarter it registers a rise of 160. This is its biggest monthly rise since July 2020. In March it more than recovered the fall of February, largely driven by the financial uncertainty unleashed in mid-March.
Find out more – I followed the price of the blue dollar, official, CCL and MEP in Argentina
“Gold was rising rapidly, but moderately, after the PCE (personal consumption expenditure) report came out, which was favorable for the market,” he said. Tai Wonga New York-based independent metals trader.
“The bulls they want a very strong close, ideally above $2,000by the end of the quarter as a springboard for challenge the all-time record of $2,070but the yellow metal looks a bit tired.”
The index of the dollaralthough it was down during the quarter, strengthened on Friday, which limited the demand for gold at the price of a green ticket.
Last week, gold exceeded $2,000 after the sudden bankruptcies of two regional US lenders spurred bets that the US central bank might pause interest rate hikes to curb contagion risk in the global banking system.
Prices fell back after authorities launched rescue measuresalthough they have gained more than 8% so far this quarter.
gold consumption in Chinamain nerve center, slowed down this weeksince the constant rise in internal prices began to affect, forcing operators to offer discounts for the first time in months.
The silver spot rises 0.9% to $24.1 an ounce, the platinum adds 0.9% to $994.89 and the palladium gains 0.6% to $1,473.25.
Source: Ambito
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