Fears of the US banking sector lead gold prices to rise weekly

Gold prices ended last week on the rise, after the yellow metal rose during the last Friday trading by more than two percent, supported by the decline in US bond yields and financial markets in general, amid concerns about the banking sector that overshadowed the impact of strong data on US jobs, which sparked a wave to buy the metal. Yellow in search of a safe haven.

The problems of the US bank, Silicon Valley, rocked global markets and affected bank stocks, increasing interest in gold, which is usually seen as a store of value in times of uncertainty.

price movements

Gold prices recorded a weekly increase of 0.63 percent.

And the yellow metal rose in the last sessions of the week by 2 percent, to end the week at $ 1868.26 an ounce, reaching its highest level since February 14.

And US gold futures contracts for April delivery increased by 2.08 percent, to reach $ 1872.70 an ounce.

On Friday, California banking regulators shut down SVB Financial Group, in the biggest banking collapse since the global financial crisis, and moved quickly to protect depositors at the startup-focused bank.

According to a statement, the regulator has assigned jurisdiction over the bank to the Federal Deposit Insurance Corporation, which will dispose of its assets.

As for other metals, silver recorded a weekly decline of 3.39 percent, despite its rise in Friday trading by 2.32 percent, to reach the level of $20.53 an ounce.

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