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- Author of the entry: Mennica Skarbowa
- Date of entry:
The last week of March ended with gold slightly down, but bullion investors can only envy such a quarter-end result. During the first three months of 2017, the price of gold rose by 8.4%, which is the best quarterly result in a year. At the same time, other precious metals also recorded excellent results, especially silver and palladium, whose prices rose in the first quarter by approximately 14% and 13%, respectively.
The past week began calmly. Gold started above USD 1,250 per ounce, which it had reached after Donald Trump's legislative defeat on Obamacare. The weakest dollar in four months allowed spot gold to briefly touch USD 1,261.03/oz, but this turned out to be the highest price the metal has reached in recent days.
Brexit kicks off, gold battles technical resistance
On Tuesday, the dollar began to recover thanks to comments by Esther George, head of the Kansas Fed, regarding her expectations for further fiscal proposals from the Trump administration. The market also reacted to technical resistance at $1,260, close to the 200-day moving average, with expected support around $1,245/oz.
On Wednesday, gold regained some of its luster thanks to the UK's decision to leave the European Union, although the dollar, strengthening on the wave of successive comments from the Fed, significantly dampened this luster. The situation was similar on Thursday, but Friday brought the expected rebound, and the week, as well as the entire quarter, ended with a result of $1,244.85/oz on the London Stock Exchange and $1,249.20/oz at the close of trading overseas.
A good quarter for all metals
Gold had its best quarter in a year. The average price per ounce of gold during this period was $1,219.49. The average price of silver was $17.42 ($18.23 at the end of the quarter), platinum was $980.79 ($948, respectively), and for palladium, which has recently reached record highs, the average price was $766.85/oz, and although at the end of the quarter it was $797/oz, last week the metal reached its highest level in two years at $815.40/oz.
In PLN terms, due to the depreciation of the dollar, the first quarter closed with gold at PLN 4,911/oz (LBMA, NBP), representing a slight increase of around 1%. However, it is worth mentioning that at the end of February this year, the price of an ounce of gold reached PLN 5,120 in Poland, bringing Polish investors a profit of over 5% in the first two months of the year.
Marianna Wodzińska
Head of Trading
Mennica Skarbowa S.A.
