Gold prices rise 9% in March for best monthly performance in over three years

Spot gold hit a record high of $2,225 in early morning trading on Friday, rising 9% in March for its best monthly performance since July 2020, said Daniel Ghali, a commodity strategist at TD Securities. Daniel Ghali, commodities strategist at TD Securities, said traders adjusted positions ahead of the Easter holiday, and increased trading activity ahead of month-end and quarter-end boosted gold prices.Ghali believes gold could rise further if the market expects larger cuts from the Federal Reserve's rate-cutting cycle.Gainesville Coins' chief market analyst Everett Millman said another reason for the rise in gold prices is global geopolitical tensions, which could prompt investors to buy gold as a neutral reserve asset.