Gold prices averaged USD 2,986 per troy ounce in March, up 3.2% from February. On 31 March, the commodity traded at USD 3,125 per troy ounce, up 9.6% from 28 February.
Prices rose for the third consecutive month in March and hit a fresh all-time high on 31 March. Increasing safe-haven demand led the increase as President Trump’s tariff roll-out ignited fears of a global trade war, raising inflation expectations and economic uncertainty. These fears hurt the USD and drove a decline in Treasury bond yields in March, making gold a relatively more attractive purchase. Sturdy central bank purchases plus rate cuts by the ECB and the Bank of Canada added impetus to the price rally.
This chart displays Gold (US$/toz) from 2023 to 2025.
Gold LBMA (prices in US$/toz, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | |
|---|---|---|---|---|---|---|---|---|
| Gold LBMA | - | 1,978 | 1,928 | 1,977 | 2,072 | 2,338 | 2,474 | 2,661 |