[ad_1]
Gold bounced back on Friday on a dip in yields and renewed concerns over the US banking turmoil, putting the safe haven on course for its second monthly rise even as steady US inflation reinforced bets for an interest rate hike next week.
Spot gold was 0.1 per cent higher at $1,989.91 per ounce by 1:45 pm EDT (1745 GMT), up about 1.1 per cent for the month. US gold futures settled unchanged at $1,999.10.
The Federal Reserve issued a detailed and scathing assessment of its failure to identify problems and push for fixes at Silicon Valley Bank before the lender’s collapse, promising tougher supervision and stricter rules.
The Fed’s report culminated around the same time as a decline in 10-year Treasury yields, turning gold positive, “but everything hinges on what (Fed Chair Jerome) Powell’s going to say next week”, said Daniel Pavilonis, senior market strategist at RJO Futures.
[ad_2]
Source_link
