22nd March 2017

After an uneventful session Monday, gold rallied on Tuesday, as a weaker dollar and more importantly, sinking US equity markets dovetailed to send prices to a three-week high. Silver and palladium both gained modest ground as well, but platinum struggled, ending slightly lower. In the currency markets, the dollar finished over the 1.08 mark against the Euro on investor perceptions that the French centrist candidate Emmanuel Macron put on a good showing in the French presidential debates on Monday night and seems to be widening his lead over far-right candidate Marine Le Pen. Sterling also rallied sharply, gaining more than a penny against the dollar and ending the day at around $1.2470 on account of British inflation data coming in at 2.3% annualized for February, well above the BoE’s 2% target. The yen also strengthened, breaking back below the 112 level.