Gold started well this year: it rallied about 9 percent in the first quarter of 2017 (and about 11 percent from the bottom at the end of December 2016). Has it entered a bull market, or have we just witnessed a correction before the storm? On the one hand, fundamental factors remain rather negative for the yellow metal over the medium-term. However, gold prices have recently shown a remarkable resilience to hawkish comments and actions from the Fed. What does it mean for the gold market and which way will gold go?

In this edition of the Market Overview, we will dig into several important changes which have happened since our latest update. In particular, we will analyze the impact of the March FOMC meeting on the yellow metal. We will also examine the Trump’s recent actions, as well as geopolitical developments in Europe, and their potential implications for the price of gold. Last but not least, we will summarize the first quarter in the gold market from the perspective of its fundamentals. This analysis should help investors draw investment conclusions for the remaining part of the year.