Monthly report (NO17 Gold) – March 2026

Monthly fund update

Key points

• NO17 Gold finished March down 19.2% (in Australian dollars, unhedged), giving back the return from the prior month. We believe that the correction has created a compelling entry point for investors who are not yet exposed – something you will recall we have been encouraging investors to look out for.
• The Iran conflict saw equities, bonds, industrial metals, gold, and currencies (other than the US dollar) sold indiscriminately as liquidity was rapidly withdrawn from asset markets. 
• The gold price fell -11.6%, experiencing its largest monthly decline since June 2013.
• This has naturally caused some to question gold’s fundamentals, given the geopolitical and macroeconomic backdrop, which is perceived to be good for gold. Our view is that the selloff was driven by liquidity and technical factors, rather than fundamentals.

Please note that the detailed positioning disclosures included on the second page of our report have been redacted and are only available to unit holders in the fund.