The LBMA’s latest Precious Metals Market Report provides an overview of Q1 2024. Coming off a record high on the penultimate trading day of 2023 (28 Dec PM auction - $2078.40), gold established a new level through the quarter, consistently pricing above $2000 (with the exception of three days in mid-February) and indeed above $2100 from 5th March onwards.
March proved to be exceptional in gold price terms with new highs achieved in 12 of the 48 trading sessions – an upward momentum that carried forward into April and resulted in a Jan-Mar gain of 6.72%.
As the quarter drew to a close, the consensus was down to two cuts beginning in June, with some suspecting that Fed Chair Jerome Powell might wait until 2025 before making a decisive move.
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