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Tuesday, March 21, 2023

Gold touched its highest value in a month and added its second weekly rise

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He gold price rose again this Friday, March 10, promoted by Falling Treasury Yields and Financial Marketsas concerns about a slump in the banking sector overshadowed a strong US jobs report and boosted haven-to-bullion flows.

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Spot gold gained 1.9% to $1,864.81 an ounce, its highest level since February 14. US gold futures also rose 1.9% to $1,869.70. The metal added its second consecutive weekly rise.

Shares of SVB Financial Group were suspended from trading on Friday after plunging 66% in pre-open trading.as investors were reluctant to the company’s efforts to raise capital.

Non-interest-bearing gold benefited from falling Treasury yields amid turmoil in financial markets and after US jobs data showed hourly earnings rose less than expected last month.

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That gave hope that the Fed may be less aggressive in its path of interest rate hikes, despite strong job creation.

In other precious metals, spot silver gained 2.1% to $20.49 an ounce, but was on track for a 3.5% weekly decline. Meanwhile, platinum rose 1.4% to $957.64, and palladium lost 0.8% to $1,378.09.

Source: Ambito

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