Gold prices have stabilized above the $1900 level amid expectations of a slowdown in the pace of interest rate hikes by the Federal Reserve following the collapse of two major regional banks in the United States, which has increased the appeal of the non-yielding metal. Gold was steady in spot transactions at $1913.54 per ounce as of 00:53 GMT, with little change in U.S. gold futures at $1916.20 per ounce. Gold prices jumped more than two percent on Monday, reaching their highest levels since February 3 at $1914.58, despite efforts by U.S. officials to mitigate the impact of the Silicon Valley Bank collapse and restore investor confidence in the banking system. Regulators had shut down Signature Bank based in New York on Sunday. Silver in the spot market rose 0.1 percent to $21.83 per ounce, while platinum fell 0.1 percent to $995.21, and palladium remained unchanged at $1473.33.
After the Silicon Valley Collapse... Gold Stabilizes Above $1900
Share
