The gold bulls are running again, hoping that a short-term boost from the collapse of Silicon Valley Bank can be translated into a longer-term rally for the precious metal. gold
The gold bulls are running again, hoping that a short-term boost from the collapse of Silicon Valley Bank can be translated into a longer-term rally for the precious metal.on Monday after US regulators enacted a series of emergency measures after the failure of Silicon Valley Bank and Signature Bank in New York.Gold ended at $1,913.24 an ounce on Monday, having gained 4.5% since its close on March 9, and closing in on the high so far in 2023 of $1,959.60 on Feb. 2.
The broader question for the gold market is whether worries of a wider contagion in US financial markets will persist, or whether the actions of the Federal Reserve and the move by President Joe Biden to assuage fears will prevent the spread. So far it appears that gold is once again fulfilling its traditional role as a safe haven against volatility and risk, but it’s probably too early to say that the current buying will persist.
China’s gold jewellery demand slumped 14%, or 101 tonnes, to 598.3 tonnes in 2022, according to data from the industry group the World Gold Council.
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