Gold prices ticked up on Friday and were on course for a third consecutive weekly rise as the global banking crisis sent investors flocking to the safe-haven metal.
FUNDAMENTALS
Spot gold was up 0.1% at $1,920.19 per ounce, as of 0033 GMT. U.S. gold futures rose 0.1% to $1,925.50.
Bullion is set to rise about 2.8% this week so far.
Large U.S. banks injected $30 billion in deposits into First Republic Bank on Thursday, swooping in to rescue the lender caught up in a widening crisis triggered by the collapse of two other mid-size U.S. lenders over the past week.
The European Central Bank raised interest rates as promised by 50 basis points on Thursday, sticking with its fight against inflation and facing down calls by some investors to hold back on policy tightening until turmoil in the banking sector eases.
The number of Americans filing new claims for unemployment benefits fell more than expected last week, pointing to continued labor market strength.
U.S. central bankers are seen pressing on with their inflation-fighting campaign with a quarter-point interest-rate hike at their policy meeting next week that just days ago looked possibly derailed by turmoil in the banking sector.
This report’s information was first seen on ZAWYA; to read more, click this link.
