Precious Metals Prices

Precious metal prices increased 6.6% month on month in April, following March’s 3.0% rise.

Precious metal prices rose for the fourth straight month in April, driven by one of the sharpest increases in gold prices in the past decade; gold is by far the most traded precious metal worldwide. President Trump continued to dominate market news, announcing worldwide tariffs, escalating the U.S.-China trade war, and threatening to fire the Fed’s chair. The subsequent surge in safe-haven demand plus downward pressure on the USD and Treasury bond yields translated into a fresh record high of USD 3,426 per troy ounce for gold on 22 April. However, the remaining precious metals, whose industrial use makes up a larger share of total consumption, traded below March’s average due to mounting recession fears in the U.S. Platinum and palladium prices were further hit by a 25% duty on U.S. automobile imports.