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.
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.
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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