The global precious metals index on a monthly basis MMI rose by 8.25%. Shortly after the start of April, the prices of precious metals, especially gold and silver, began to rise as investors rushed to buy as much gold bullion as possible. The reasons for this new “gold rush” were unlocked by factors such as inflation, expectation of interest rate cuts and global uncertainty, writes Oilprice. Indeed, these factors continue to drive investors toward the classic safe haven of precious metals. But how long will the rally last?
Palladium failed to price levels testing previous significant resistance levels, including the highs of December 2023. Although the price moved slightly higher, it did not break out of the range or trend to show any strong bullish momentum. And while the current trend is in a range, volatility is likely to continue given ongoing global tensions.
Gold could rise 25% over next 18 months on Middle East tensions
According to a forecast by the Citigroup bank
Prices of gold
In recent weeks, gold prices have broken new highs and created a new range. They continue to form higher lows due to geopolitical tensions and rising conflicts around the world, and market participants may expect an increase in volatility. Upward growth remains likely.
Precious metal prices: platinum
Unlike other precious metals, platinum prices did not reach new highs. Although the price experienced a rally at the end of the first quarter moving into the second quarter, it did not break its range or make significant new highs. As with other precious metal prices, current global tensions may increase volatility.
The price of gold set a new all-time high
The precious metal rose to a record $2,318 per troy ounce
Price rallies on the silver
Silver prices experienced a strong bullish move in the last month’s price action. Typically, silver volatility increases along with geopolitical tensions. As with gold, silver prices continue to form higher lows and highs. Instability remains a major problem.
