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        Talking Gold — April 2024

        3 min read
        Maxwell Gold, CFA
        Head of Direct Retail

        Gold Market Recap

        March was a banner month for gold as the spot price rose 9.08% and set new all-time highs. Gold began March at US$2,044/oz and continued to rise throughout the month, averaging US$2,157/oz and closing out March at US$2,230/oz, a new all-time high for the yellow metal.1 Gold also saw significant gains in other currency terms including the Swiss franc and Japanese yen which saw increases of 9.31% and 10.02%, respectively, in March as safe-haven buying of gold in key regional reserve currencies continued in 2024.2 With gold’s current momentum, strong demand among key demand sectors among consumers and central banks, on-going global geopolitical tensions, and anticipation for US rate cuts, further strength may be on the horizon throughout 2024.

        Gold Performance Drivers

        Flows: Global gold-backed ETFs registered outflows in March for the tenth consecutive month. But the pace was much slower, with just a 0.3% reduction in gold ETF holdings compared to the 1.8% drop the prior month.3 COMEX managed money net speculative gold positions remained bullish, rising 242% compared to the prior month, to 135,795 contracts.4

        Factors: The US Consumer Price Index (CPI) saw an incremental rise to 3.2% year over year, as of February 2024, compared to 3.1% the month prior.5 The Federal Reserve’s preferred gauge of underlying inflation, Personal Consumption Expenditure (PCE), cooled last month with the core PCE price index rising 0.3% month over month in February, down from 0.5% in January.6 Meanwhile, US 10-year Treasury yields closed March at 4.20%, slightly down from 4.25% at the end of February, with US 10-year TIPS implied real yields remaining below 2% at 1.87% as of March.7

        Fundamentals: According to the World Gold Council, the recent gold price surge has added further pressure to gold jewelry demand in India, the world’s second largest gold consumer.8 Anecdotal evidence and media reports suggest that both rural and urban centers have experienced a broad-based drop in demand despite the ongoing wedding season, with jewelers and consumers waiting for a price correction before they add to their stock or buy more jewelry.9

        Gold Chart of the Month

        Gold Price Trends

        Gold ETF Flows

        Gold Futures

        More on Gold

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