Gold Prices Rally After the Bank chaos unravels!
The banking crisis has created a chain crisis reaction in the market!
Worries about a contagion risk from the collapse of Silicon Valley Bank and Signature Bank have sent investors piling into gold for safety.
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Gold Rally After Bank Collapse
Worries about a contagion risk from the collapse of SVB and Signature Bank have sent investors piling into gold for safety.
Gold jumped 2.6% to $1916.30 a troy ounce, the largest percentage increase since early December#GOLD #SVBCollapse pic.twitter.com/5Ku8Bd1h8O
— The_Journalbiz (@the_journalbiz) March 13, 2023
Bloomberg chart on Gold v usd
The most actively traded gold futures contract jumped 2.6% to $1916.30 a troy ounce, the largest percentage increase since early December. Gold is prized by investors for its stability during times of turmoil.
Gold has been trading in a rut for the past few weeks. Prices jumped to start the year, slumped in February, and then rose again in March, with investors flip-flopping on bets whether the Federal Reserve would continue to aggressively raise interest rates.
