March saw a rally in precious metals prices that continued through most of April, as the troubled global geopolitical scene is trumping macroeconomic concerns. Despite the US dollar also strengthening, the gold price broke through the $2,300 per ounce mark on strong safe-haven demand. On the other hand, industrial metals prices were more subject to fundamentals, with threats of supply squeezes — smelter curbs, shipping delays — providing some support. Going into the second quarter of the year, most metals price forecasts are on an upswing, although prone to volatility given uncertainty around the timing of US Fed rate cuts, the global macroeconomic recovery, and persistent geopolitical instability.
Exploration activity continued to slow down in the first quarter of 2024, even falling below lows recorded at the height of the pandemic in early 2020. While all metrics have declined, the steep decline in the number of significant financings from juniors and intermediates have weighed down the activity index the most, as the cost of financing remains high, despite firmer prices for some commodities, particularly gold. Drilling activities declined more modestly compared to the previous quarter but is at its lowest since June 2020 quarter.
Join our analysts as we provide a recap of the March 2024 quarter, provide our near-term outlook and discuss key trends and topics:
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