Gold ended March and the first quarter of 2023 up about 9%. Quarterly gold price dynamics may be a record since the second quarter of 2020, and monthly growth - the highest since July 2020, according to Dow Jones Market Data.
Quotes of June gold contracts on the New York Comex exchange at the end of March, they came close to $2,000 per troy ounce.
Silver for May delivery rose 1.1% to $24.25 per ounce.
Rising prices hopes that the US Federal Reserve may soon stop raising rates, as well as increased demand for protective assets amid problems in European and American banks, contributed to gold in the outgoing quarter, writes MarketWatch.
Gold prices end March up “mainly due to the demand for safe investments after the collapse of Silicon Valley Bank and Signature Bank, and the near collapse of First Republic Bank and Credit Suisse,” said GraniteShares portfolio manager Jeff Clearman.
Banking concerns sectors have calmed down somewhat recently, but expectations that the Fed will take a break in raising rates, and maybe even start cutting them later this year, have intensified, the expert added.
