Is it a bird? Is it a plane? No, it’s gold! Gold entered a flying mode at the beginning of March, surpassing its previous record high of $2,135 hit on March 7.
Gold stays in rally mode, even when dollar and yields rise. Central banks and geopolitics among the main drivers. Chinese demand and inflation hedging add extra support. Is it a bird? Is it a plane? No, it’s Gold Gold entered a flying mode at the beginning of March, surpassing its previous record high of $2,135 hit on March 7. The metal consolidated only for a while thereafter before rallying again during the last days of the month to continue conquering uncharted territory.
However, as gold prices already hit a record in December, demand was dampened this year, with India’s imports likely plunging by more than 90% in March according to a government official. Considering that China and India account for more than half of total global gold demand, the yellow metal may be drawing bigger support from the world’s second-largest economy.
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