The gold market jumped above $1,900 an ounce as U.S. markets reacted to the growing banking turmoil after the collapse of Silicon Valley Bank and Signature Bank.
"Americans can have confidence that the banking system is safe. Your deposits will be there when you need them," Biden said Monday."I'm going to ask Congress and the banking regulators to strengthen the rules for banks to make it less likely this kind of bank failure will happen again, and to protect American jobs as a small business."
"Investment flows are finally supporting the yellow metal. The sharp decline in US2y yields underscores the market's expectations for liquidity risks to translate into Fed cuts, boosting the discretionary case for gold," Ghali said Monday."Several catalysts for additional flow lie just north of $1910/oz, which could see substantial CTA flow notably help gold prices rally further.
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