Gold Tops $2,000

3.20.23 - Gold Tops $2,000

Gold last traded at $1,979 an ounce. Silver at $22.54 an ounce.

Gold Declines as Traders Assess Banking Crisis, Fed Rate Path -Yahoo!Finance

(Bloomberg) -- Gold slipped after earlier rising above $2,000 an ounce for the first time in a year as a deal to buy Credit Suisse Group AG failed to fully ease fears over the global banking sector.

The haven earlier rose as much as 1% despite regulators worldwide rushing to shore up market confidence over the weekend. The ongoing banking woes are also spurring bets that central banks may embark on a slower pace of monetary tightening.

Bullion surged 6.5% last week in its biggest advance since early on in the pandemic after several regional American lenders collapsed and concerns grew over the Swiss bank's health.

"The treatment of AT1 bonds has introduced a new source of uncertainty," Marcus Garvey, head of metals strategy at Macquarie Group Ltd., wrote in a note. "The longer uncertainty rolls on, with neither market fears being wholly calmed nor a full-blown systematic crisis unfolding, the higher gold prices should be able to trade."