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Precious Metals Recap March 2024

Gold’s upward track this year showed no sign of stopping in March 2024. Platinum’s movement, while not as remarkable as gold, is still impressive when compared with the start of 2024. This is your precious metals recap of March 2024.

Key Points

Market Overview

Silver Mines Limited’s share prices followed up on its uninspiring performance in February. It fetched a price of $0.140 on 1 March and they haven’t looked back. The 14th of March saw it reach $0.145, followed by a steep decline to hit 0.150 by the 18th. 

There was a good recovery by the 21st of March when it hit 0.175 followed by another falling back, this time to 0.160 by the 25th. Silver Mines Limited finished the month at 0.170 on par with the end of January and much higher than the end of February’s $0.140.

Building on its performance in February, 1 March saw the gold price at 2082.55, and by 11 March it was at 2184.41. 

A brief decline followed its phenomenal performance on 20 March at 2208.28 in USD per ounce. After another brief slump, it recovered with a staggering 2230.00 by 29 March.

After minimal movement earlier this year, platinum rose from late February and continued briefly in early March. Platinum Capital Limited (PMC.AX) showed promise with an opening price of 1.3350 AUD and a high of 1.3450 by 3 March. 

It fell back after dividend payouts on 6 March and closed at 1.3100 by 27 March. This was lower than the end of February’s closing price but a major improvement over the end-January’s closing price of 1.2900 AUD.

Relevant News

With economic uncertainty worldwide, investors turn to precious metals. This is evident from the climbing gold price. And this trend is happy news for mine owners. 

Bellevue Gold has officially opened its new gold mine in Western Australia’s Goldfields. The chief executive, Darren Stralow,  commented on how pleased they are that it coincides with record-high gold prices. 

Meanwhile, Silver Mines is in the process of planning an upgrade to the existing 396 Moz silver resource at Australia’s largest undeveloped silver deposit, Bowdens. This will boost Australia’s silver production in the near future.

Conclusion

It was a good month for investors in precious metals. Silver Mines made great strides after a lacklustre February. The gold price continued climbing dramatically. And although less exciting than gold’s soaring prices, Platinum Capital Limited showed relatively steady improvement.

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