Gold breached the US$2,200 per ounce mark in the first three months of the year, and reached its quarterly high of US$2,264.37 on March 31 — at the time a new record for the yellow metal. At the start of the year, market participants thought the US Federal Reserve might begin cutting interest rates in March, but a February bump in inflation prompted the central bank to continue its higher-for-longer strategy. Heading into the second quarter, a turnaround from the Fed isn’t expected until the summer. However, commentary from the Fed’s March meeting indicates that officials still believe three rate cuts are likely in 2024. Gold also saw further upward momentum from continued geopolitical instability, particularly from a tense situation in the Middle East, where the conflict between Israel and Hamas in Gaza shows no signs of abatement. An Israeli attack on international aid workers in Gaza at the start…
