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Precious Metals Recap April 2024

Precious metals like gold have always been considered a safe haven investment, a low-risk asset that will perform consistently even during troubled times. April 2024 reminded us of this, as slow economic growth, high inflation and Middle-East tensions continued to make their impact felt on the world stage. 

Keen to know more about how silver, gold and platinum performed? Here is the precious metals recap for April 2024.

Key Points

Market Overview

Here’s an overview of precious metal prices in April 2024

An ounce of silver fetched $38.791 (AUD) on 1 April 2024, peaking at $44.922 in mid-month and ending the month of April at $40.662. 

Gold has continued its positive performance in recent months, during April 2024. The price per ounce of gold has increased by +14.02% in the last year, with its peak in April. An ounce of 24K gold fetched $3,474.41 (AUD) on 1 April, peaking at $3,726.40 on 19 April and hitting $3,539.0s by April’s end.

Meanwhile, an ounce of platinum fetched $1,389.88 (AUD) per ounce, peaking at $1,510.88 mid-month, and finishing the month of April with a price per ounce of $1,443.61 (AUD).

Relevant News

Investors have seen gold perform well across markets this year, particularly in April. This has been driven by several factors, including expected interest rate cuts, and the world’s central banks buying up shares in the resilient precious metal. 

 

On the Australian front, the ASX 200 gold shares were already seeing record highs at the start of April 2024. And it continued to shine throughout the month. So much so that John O’Donoghue, depository general manager at the Perth Mint, Australia’s biggest precious metals refinery, noted an increasing interest in gold investment and trading. Other experts in the industry echoed his sentiments, as gold trading was thrust into the spotlight in April.


Those in the know have commented that an imminent interest rate cut is mostly behind this, as gold typically performs well in a lower interest rate scenario. However, as noted by Bloomberg, gold investors were also basing their trading decisions on unfolding geopolitical developments.

Conclusion

Geo-political turmoil and economic factors continued to affect the world’s stock markets, in different ways in April 2024. But shares in precious metals continued to perform well, closing April with significantly higher prices than they started. The gold price saw its best performance of the past year.

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