Recently, in the month of March, Juan Carlos Artigas, Global Head of Research-WGC explains those factors, behind gold’s March rally! He said at World Gold Council (WGC) that, Gold has reached continuous highs in March and is trading close to US$2,200/oz! Yet, now he is asking the question ahead… What’s next? The key question now is how sustainable gold’s rally is.
He suggest, on the plus side, gold started March aided by strong Chinese demand during the Spring Festival. And central banks have continued with their buying spree in 2024. In fact, we have highlighted in previous reports that gold’s strong performance over the past few years can be partly explained by geopolitical risk as well as robust central bank purchases.
Which are often reported with a lag. Finally, upcoming expiries in options markets may bring additional investment flows if the gold price remains above key psychological levels such as US$2,100/oz, which can be supported by continued US dollar weakness.
On the flip side, the upcoming US Federal Open Market Committee meeting will shed light on the Fed’s appetite to loosen monetary policy amidst downward revisions to previous non-farm payrolls reports and a slight uptick in unemployment.
And while the market is not currently expecting a rate cut in March, a more hawkish stance by the Fed may create short-term headwinds for gold. In addition, rapid gold price movements typically discourage gold jewellery consumers, who may choose to wait for volatility to subside.
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