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Thursday, March 30, 2023

Gold soared on the run for refuge and hit nearly a year highs

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The gold prices They went up this Friday March 17 more than 2% in the context of a wave of banking crises that rocked world markets and boosted the gold metal touch its maximum value in almost a yearat the same time that the bets of a Less Aggressive Federal Reserve in its fight against inflation.

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He spot gold won a 2%to $1,957.19 per ounce, after reaching its highest level since April 2022. The bullion rose about 4.9% this week. The gold futures in the United States advanced a 2%to u$s1.962.

“Gold is rising on fear of more bad banking news over the weekend and hope that the Fed will pause its rate hikes next week,” he said. Tai Wonga New York-based independent metals trader.

The Silicon Valley Bank bankruptcy (SVB) in the United States highlighted the bank vulnerability in the face of a sharp rise in interest rates, while the fall in shares of the Credit Suisse aggravated market turmoil.

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“Gold is likely to shine in the midst of chaosas investors adopt a cautious stance“, said Lukman OtunugaFXTM Research Analyst.

The fall of the dollar and stock markets makes the gold be one more attractive investment. Although it is considered a hedge against economic uncertaintiesthe opportunity cost of holding bullion increases when rates rise.

In other precious metals, the silver Spot posted the biggest weekly percentage gain of the four precious metals, rising 1.9% on Friday to $22.14 an ounce; he platinum it fell 0.2% to $970.86; and the palladium it fell 2.2% to $1,399.77.

Source: Ambito

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