List of precious metal prices in March

This week, gold prices have been trading sideways at high levels. According to the Commodity Market Analysis System of Business Society, as of March 15, 2024, the spot market price of gold was 505.87 yuan/gram, an increase of 0.23% compared to the pre holiday (March 8) spot market price of 504.72 yuan/gram, and a total increase of 5.01% for the month.

Silver prices have risen significantly this week. According to the Commodity Market Analysis System of Shengyishe, the average price of silver in the market on March 15, 2024 was 6279.67 yuan/kg, an increase of 2.10% compared to the average price of silver on March 8, which was 5797 yuan/kg, and a total increase of 6.43% for the month.

From November 2022 to early February 2023, precious metal prices significantly increased. From March to the end of April, due to the impact of the US banking crisis, precious metal prices once again entered a period of skyrocketing. Silver prices began to fall in May, while gold remained relatively strong. In June, gold prices hit a high level and silver prices began to rise. After July, gold prices became stronger. In mid to late September, precious metal prices were affected by news from the Federal Reserve, leading to a high level correction. In October, due to geopolitical factors, the risk aversion sentiment rose and continued to rise. In early November, the high range was weak and fluctuated horizontally. At the end of the month, precious metal prices resumed, and silver saw a stronger monthly increase than gold. Silver prices slightly declined in December, while gold prices remained relatively strong. From January to February 2024, precious metal gold and silver fluctuated horizontally at high levels; In March, precious metals such as gold and silver rose significantly simultaneously.

Future Market Forecast

The dominant tone of precious metals remains unchanged. The Federal Reserve’s interest rate hike cycle is gradually coming to an end and entering a rate cut cycle, which logically favors interest free assets such as precious metals. Although the expectation of immediate interest rate cuts in the short term has weakened, the direction of the cycle remains unchanged. Short term precious metals continue to be affected by inflation data, and long-term support from expected interest rate cuts is still expected. The recent geopolitical situation remains tense, with central banks around the world continuing to purchase gold. Coupled with the possibility of the US banking crisis spreading, the US dollar index and US bond yields are expected to show a weak trend, and it is expected that short-term precious metal prices will remain high with a high probability of sideways fluctuations.