This more than compensates for August’s fall, confirming that summer data has to be interpreted with a pinch of salt. Italy's industrial stagnation is not over yet, but the picture might improve marginally over the fourth quarter
• Gold prices rallied just shy of 10% in March, surpassing USD 3,100/oz to extend the year-to-date gains to 19% (after rising 27% in 2024).
• A surge in investment demand is behind the latest moves, with comments by US President Donald Trump and Elon Musk, as well as weak US consumer survey data, amplifying market fears as we approach the 2 April tariff announcements. The acceleration of ETF buying marks a sharp reversal from the outflows of this time last year.
