Gold performed well for most of March, spending much of the month above the $1,300 threshold, but finished relatively flat. Silver followed a similar trajectory and finished down only 0.80%. Palladium reached a record high of $1,620 but plunged after that to finish the month down 10.6% and platinum ended the month down 1.8%.
Gold began the month by dropping $20.00 to a 5-week low of $1,285 due to renewed progress in US-China trade negotiations and a 1.5% gain in the US dollar. However, any progress towards a trade deal soon vanished as neither President Trump or President Xi seemed too eager to discuss a resolution to the tariffs, and by March 15 gold was trading above $1,300 again.
A second boost came the third week in March when the US bond yield became inverted, with short term bonds having greater yields than long term bonds. This is usually seen as a precursor to a recession. Stocks plummeted as a result and gold rose to $1,320, its highest level in over a month.
Gold continued to perform well until March 27th when strong earnings led to a surge in equities and a sharp increase in the US dollar. Gold fell 1.6% on March 28th, and finished the month flat at $1,291.50.