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The Perth Mint sold 16,442 troy ounces (oz) of gold and 860,672 oz of silver in minted product form during March 2024.
Opening near USD 2,035 an ounce, the gold price hit a record of USD 2,150 on 7 March buoyed primarily by a weaker USD and a decline in yields. The mid-month release in the US of non-farm payroll data, which beat expectations, coupled with the broadly expected February CPI data boosted bets of an early US rate cut and kept gold at elevated levels.
Gold jumped again to another new record following the FOMC meeting which maintained its policy forecast of 75bps of rate cuts for 2024. Several additional factors are contributing to the current gold rally including an increase in open future positions, additional purchasing via ETFs, and geopolitical factors. Gold ended the month above USD 2,200 which has been a key resistance level, for a 9% gain for the month.
In Australian dollar terms, the gold price moved materially higher in March, buoyed by the increase in USD terms and additionally supported by a slight weakening of the Australian dollar.
Silver started the month trading around USD 22.50 an ounce and steadily rose higher before breaching the USD 25 mark which has been a key resistance level. The metal moved broadly in line with gold during March to end the month slightly under the USD 25 level but still up almost 8.50% for the month.
As with gold, the silver price in Australian dollar terms was markedly higher in March ending the month trading above AUD 37.50.
The Gold Silver Ratio dropped down to near 85 mid-month before rising to 90 by the end of March.
