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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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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.


Source: Bloomberg/WSJ
Image:Gold futures