Gold prices on Tuesday hovered near their highest levels in more than five weeks, and held above the key $1 900 level, as expectations grew that the Federal Reserve could pause its rate hikes after the collapse of two big US regional banks. Spot gold was down 0.1% at $1 910.80/oz, as of 07:26 GMT, after rising more than 2% on Monday to hit its highest since February 3. US gold futures also fell 0.1% to $1 915.00.
Gold prices on Tuesday hovered near their highest levels in more than five weeks, and held above the key $1 900 level, as expectations grew that the Federal Reserve could pause its rate hikes after the collapse of two big US regional banks.
US officials have announced several measures to limit the fallout from the now-shuttered Silicon Valley Bank, the largest bank failure since the 2008 financial crisis, and restore investor confidence in the banking system. Regulators closed New York-based Signature Bank on Sunday.
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Gold surges and copper slumps as SVB sparks flight to havens - BNN BloombergGold extended gains and copper dropped as the collapse of Silicon Valley Bank soured risk sentiment and curbed expectations for more aggressive rate hikes by the Federal Reserve.
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Stocks steady as investors bet SVB collapse will force Fed to halt hikesTraders bet the collapse of SVB will compel the Federal Reserve to halt interest rate hikes. Read more
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Safe-haven gold accelerates as traders assess SVB falloutGold raced towards the key $1 900 level on Monday as investors sought cover from the uncertainty triggered by the collapse of Silicon Valley Bank, emboldened by bets that the Federal Reserve may now have to tone down its rate hikes. Spot gold was up 0.9% at $1 885.37 per ounce, as of 09:04 GMT. Earlier in the session, prices hit their highest since early February at $1 893.96. US gold futures GCv1 gained 1.2% to $1 889.50. On Friday, gold gained 2% after California regulators closed tech startup-focused Silicon Valley Bank (SVB). Regulators also shuttered New York-based Signature Bank on Sunday.
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Stocks steady as investors bet SVB collapse will force Fed to halt hikesTraders bet the collapse of SVB will compel the Federal Reserve to halt interest rate hikes. Read more
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Stocks steady as investors bet SVB collapse will force Fed to halt hikesTraders bet the collapse of SVB will compel the Federal Reserve to halt interest rate hikes. Read more
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