Organization of the Petroleum Exporting Countries or OPEC stated in a latest monthly update that Gold prices trended upwards for much of the month, reaching a record price of $3,000 per ounce in March. Support came mostly from investors’ flight to safety against the backdrop of a lower US dollar. The OPEC precious metals index was up by 37.5%, y-o-y; gold, silver and platinum prices were also up by 38.2%, 35.4% and 7.8%, y-o-y, respectively. OPEC base metal index rose for a third consecutive month in March, increasing by 3.0%, m-o-m. Most metal prices continued their upward trajectory in March, against a backdrop of weaker global industrial activity. Metal prices advanced on the back of higher frontloading as buyers rushed to secure supplies ahead of the implementation of US tariffs.
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