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Precious Metals Attempt to Cover March Losses
✅ Gold
• Price: $4,707.7 per troy ounce
• Performance: +5.17% MoM, +42.14% YoY
• Trend: Gold remains in a phase of heightened uncertainty. Geopolitical tensions and safe-haven demand continue to underpin prices, whilst pressure from the oil-driven risk premium, a firm US dollar, and competition for liquidity is constraining further upside.
✅ Silver
• Price: $75.985 per troy ounce
• Performance: +15.36% MoM, +135.93% YoY
• Trend: Silver continues to exhibit elevated volatility. Industrial demand — particularly from solar energy and AI-related infrastructure — remains supportive, whilst constrained physical supply is adding further tension to the market.
Oil Rally Weighs on Gold
Brent crude is advancing on a geopolitical risk premium, whilst gold is coming under pressure from a stronger US dollar and elevated oil prices. At present, the market appears to favor commodities linked to inflation risk over traditional safe-haven assets.
Gold Is Back on the Radar of Major Players
The recent pullback in gold from its highs has been largely driven by central bank selling to address fiscal and currency-related considerations. At the same time, demand from China, Switzerland, and India remains robust, suggesting that the current correction may represent a temporary pause rather than a structural reversal.
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