Despite the recent weakness, the euro gold price rose slightly last February. Statistically speaking, the worst gold month of the year now follows.
Gold under pressure
The gold price has recently come under considerable pressure. Despite the corresponding price losses in the past week (gold price with the largest daily loss since June 2013), February ended with a plus of 2.5 percent (+0.5% based on the COMEX futures) based on the London reference rate (PM) and in euros ). And at 1,468 euros per ounce (London exchange rate), the gold price on the last trading day in February was 27 percent above the previous year. How will March go? Let’s take a look at our gold price statistics since 1970. And it doesn’t look too good there.
Gold price in March
March was the worst gold month of the year in the past 50 years, by a wide margin. March brought an average minus of 0.64 percent. June is last in line with -0.29 percent. March ended 28 times with a price loss, in 56 percent of cases. And the last four years in a row were in the red.
Tops and flops
The last strong price increase goes back to 2004, with a monthly gain of almost 9 percent at the time. On March 11, 2014, a series of attacks occurred in Madrid that killed 191 people. Al-Qaeda later claimed responsibility for the bombing. There were further threats of attack during the month, including in Germany.