XAU/USD: Gold on Track for Best Month in Three Years

Panic around the banking sector boosted the yellow metal’s price all throughout the month of March.

• Gold is gearing up to finish its best month since July 2020. Tumultuous events in the banking industry prompted investors to grab more bullion - a preferred asset in times of crisis or economic uncertainty. And in March, the markets had to digest a flurry of uncertainty-filled events.
• Against this backdrop, gold’s prices in March advanced from an opening of $1,826 to current levels of around $1,980 per ounce. In other words, gold bugs have added more than $155, or 8.5%, to their beloved financial product.
• There’s more good news: gold is en route to close a second straight winning quarter. What’s impressive is that the precious metal is pushing upward in a high interest-rate environment when its shine is usually not so appealing. Over the past week, however, gold has been moving sideways.