The gold price hit record levels in the first three months of 2024. Opening the period on January 2 at US$2,041.20 per ounce, the yellow metal was coming off previous highs set in December 2023. Gold remained rangebound for the first two months of the year, staying above the US$2,000 level until it briefly broke through support in the middle of February, falling to its quarterly low of US$1,991.98 on February 13. Following this low, gold began a slow climb toward the start of March, ultimately soaring to a quarterly high of US$2,251.37 on March 31. Gold has continued to move since then, briefly passing US$2,400 on April 12. Central bank buying offsets ETF outflows The first eight weeks of the year saw key gold market trends extend from 2023. According to data from the World Gold Council (WGC), gold exchange-traded funds (ETFs) continued to see outflows in January and…
