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Softer Dollar Prompts Bounce In Precious Metals

  • Gold prices recovered back above the $1,700 mark as broad dollar indices came under pressure leading up to the WMR month end fix.
  • The softer greenback provided a welcome relief rally for spot gold and silver, both of which took a substantial hit to begin the week. Technical support at $1676.9, Mar 8 low and the bear trigger held overnight and aided dip buyers ahead of the long holiday weekend.
  • Gold and Silver recovered just shy of 2% but the latter still resides down 2.5% on the week and down roughly 10% for the month of March.
  • Opec+ meetings continued where Secretary General Barkindo said that the economic environment "remains challenging, complex and uncertain, with the market volatility we have witnessed in the last two weeks of March a reminder of the fragility facing economies and oil demand."
  • Crude futures gave up modest gains late in the session to trade down just over 1% on the comments.
  • Correspondent Amena Bakr stated it was not an upbeat JMMC and that concerns were expressed over compliance and the compensation cuts plans.

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