Gold prices averaged USD 2,162 per troy ounce in March, up 6.8% from February. On 29 March, the commodity traded at USD 2,214 per troy ounce, up 8.3% from 29 February.
Gold prices rose from February’s average in March and hit an all-time high of over USD 2,200 per troy ounce late in the month. Mounting geopolitical tensions in the Middle East drove increases in safe-haven demand. Moreover, a weaker U.S. dollar, strong central bank purchases and higher-than-expected U.S. inflation data added further momentum. That said, a month-on-month rise in U.S. treasury bill yields during March likely capped the overall upturn in prices.
This chart displays Gold (US$/toz) from 2022 to 2024.
Gold LBMA (prices in US$/toz, aop)
| Q1 2021 | Q2 2021 | Q3 2021 | Q4 2021 | Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | |
|---|---|---|---|---|---|---|---|---|
| Gold LBMA | - | - | - | - | - | 1,874 | 1,729 | 1,732 |