According to Jinshi, spot gold hit a record high of $2,225 in the early hours of Friday morning, rising 9% in March, the best monthly performance since July 2020. Daniel Ghali, commodities strategist at TD Securities, said that traders adjusted positions before the Easter holiday and increased trading activity before the end of the month and quarter, boosting gold prices. Ghali believes that gold may rise further if the market expects deeper rate cuts in the Fed's rate cut cycle. Everett Millman, chief market analyst at Gainesville Coins, said that another reason for the rise in gold prices is global geopolitical tensions, which may prompt investors to buy gold as a neutral reserve asset.