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Gold closed March with its highest monthly rise since July 2020

Gold closed March with its highest monthly rise since July 2020

Gold prices had their second consecutive 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.

Spot gold lost 0.2% and traded at $1,977.32after prices rose as much as 0.4% on reports that US consumer spending rose slightly in February.

US gold futures fell about 0.1% to $1,977.80.

“Gold rose quickly but moderately on the market-friendly PCE (personal consumption expenditure) report,” said Tai Wong, an independent New York-based metals trader.

Bulls want a very strong close, ideally above $2,000, by the end of the quarter as a springboard to challenge the all-time high of $2,070, but the yellow metal looks a bit tired.“.

The dollar index, although down during the quarter, strengthened on Friday, limiting demand for greenback gold.

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 the authorities put bailout measures in place, although they have gained more than 8% so far this quarter.

Gold consumption in China, the main hub, slowed this week as steadily rising domestic prices started to hit, forcing traders to offer discounts for the first time in months.

Spot silver rose 0.9% to $24.1 an ounce, platinum added 0.9% to $994.89 and palladium gained 0.6% to $1,473.25.

Source: Ambito

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