This first quarter of this year was the strongest first quarter for gold demand in 8 years. This was the headline from the World Gold Council’s Gold Demand Trends report for Q1 2024. As expected, central bank demand for physical gold remained strong, whilst gold bar and coin purchases saw a 3% year-on-year increase. All of this has come against a backdrop of a strong US dollar and ETF outflows. A key sign that gold is detaching itself from the usual gold-dollar narrative, with investors around the world seeking allocated, physical gold that will act as a hedge against a number of worrisome economic and geopolitical scenarios.
Gold’s strong performance in 2024 has been despite an ever-strengthening US dollar. This week Jan Skoyles asks why is the US dollar so strong, and what does this mean for the gold price?
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GOLD PRICES ( AM/ PM LBMA FIX– USD, GBP & EUR )
| USD $ AM | USD $ PM | GBP £ AM | GBP £ PM | EUR € AM | EUR € PM | |
|---|---|---|---|---|---|---|
| 01-05-2024 | 2288.50 | 2302.35 | 1832.40 | 1843.72 | 2144.78 | 2155.23 |
| 30-04-2024 | 2314.80 | 2307.00 | 1844.90 | 1842.14 | 2157.86 | 2154.05 |
| 29-04-2024 | 2337.60 | 2333.55 | 1867.51 | 1863.11 | 2182.85 | 2180.24 |
| 26-04-2024 | 2349.80 | 2343.10 | 1878.20 | 1873.78 | 2189.31 | 2187.75 |
| 25-04-2024 | 2325.65 | 2318.70 | 1857.96 | 1860.76 | 2168.90 | 2167.98 |
| 24-04-2024 | 2312.30 | 2320.25 | 1860.01 | 1865.25 | 2163.39 | 2169.67 |
| 23-04-2024 | 2298.15 | 2328.45 | 1859.66 | 1871.38 | 2155.21 | 2175.70 |
| 22-04-2024 | 2361.45 | 2334.95 | 1911.83 | 1896.68 | 2216.22 | 2196.02 |
| 19-04-2024 | 2381.80 | 2379.70 | 1912.82 | 1910.19 | 2234.84 | 2230.97 |
| 18-04-2024 | 2379.85 | 2382.70 | 1907.93 | 1913.31 | 2228.73 | 2235.93 |
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