Precious Metals Prices

Precious metal prices increased 3.0% month on month in March, following February’s 6.6% rise.

Precious metals traded above February’s average in March, with gold prices hitting a fresh record high of USD 3,125 per troy ounce at the end of the month. Donald Trump remained a key driver of safe-haven demand as his tariff policy stoked market fears over inflation, global trade wars and economic woes. Moreover, the USD depreciated against a basket of currencies, U.S. Treasury bond yields fell in March vs February, and the ECB and Bank of Canada cut rates, fueling investors’ appetite. Looking at individual metals, rising central bank buying fanned prices for gold, and supply concerns for platinum and silver. Palladium was the only precious metal whose price averaged lower in March than in February; palladium began March at a depressed level as Trump’s rapprochement with Russia had raised the prospect of higher palladium exports.