WGC: Gold Hit Fresh Peak in Early-March 2024

SEATTLE (Scrap Monster): The latest report published by the World Gold Council (WGC) noted that gold has managed to hit continuous highs during the current month, after showing signs of strength since the end of February. The prices of the yellow metal hit fresh peak in early-March 2024. Also, gold prices hit consecutive record highs six days in a raw during the month.

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The WGC noted that gold’s March rally is partly on account of a weaker US dollar against both developed and emerging market currencies. According to market participants, the sharp increase in prices of the precious metal is also attributed to several other factors including increased market volatility, bullish COMEX investor positioning and the drop in 10-year U.S. Treasury yields.

The report highlighted positive factors that aided gold price jump such as the robust Chinese demand during the Spring Festival and extended buying spree by world’s central banks in 2024.

Meantime, a more hawkish stance by the U.S. Federal Reserve may likely create short-term headwinds for gold. Also, gold jewellery customers are expected to wait on side lines for the volatility to subside before embarking on fresh purchases.