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Gold Prices Rally Above $2,000

Gold surges amid banking crisis!

During intraday trading Monday, the most actively traded gold futures contract jumped above $2,000 a troy ounce, crossing its highest level since Russia’s invasion of Ukraine early last year.

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Gold prices have been boosted by the recent banking crisis, which has fueled concerns about the wider financial system. Yields on government bonds have declined in response, with investors betting the Federal Reserve will slow down its paces of interest-rate increases this week. That has made it more appealing to hold gold even if it doesn’t pay any regular income.

Weekly flows into gold funds tracked by EPFR hit their highest level in over nine months, data for the week ending March 15 showed.

Investors value gold for its stability during times of uncertainty. Prices are up 8.4% this year.