Breaking: Gold rises above $1,960 for the first time since April 2022
|
Gold price rose further on Friday reaching the highest level in eleven months, rising above $1,960/oz. XAU/USD is rising by more than $40, adding to weekly gains.
Risk aversion amid the banking crisis and lower US Treasury bond yields continue to boost the demand for the yellow metal. Since March 9, XAU/USD has risen more than $150 or 8%.
The rally gained speed last Friday, following the Nonfarm Payroll report and then accelerated following the collapse of Silicon Valley Bank (SVB). The ongoing turmoil softened central banks tightening expectations, pushing government bond yields lower.
Gold at $2,000 now looks like an achievable goal in the short term. Prior to the mark, a strong resistance area is seen around the $1,980 zone.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.