Gold prices rose on Friday, supported by the weakness of the dollar, and are preparing for the largest weekly gains since mid-November, as the global banking crisis prompted investors to turn to the metal, which is considered a safe haven.<\/p>\n\n\n\n
And by 0313 GMT, gold in instant transactions rose 0.5 percent to $ 1928.08 an ounce. US gold futures rose 0.5 percent to $1,932.10.<\/p>\n\n\n\n
Prices of the yellow metal have risen about 3.2 percent since the beginning of the week, heading to record a third consecutive weekly gain, supported by the demand for safe havens after the collapse of the Silicon Valley Bank in the largest banking failure since the 2008 financial crisis.<\/p>\n\n\n\n
On Thursday, major US banks pumped $30 billion in deposits into the First Republic Bank to rescue it after it got stuck in the crisis. This came after Credit Suisse said it would borrow up to $54 billion from the Swiss National Bank to support liquidity after the consequences of the collapse reached it.<\/p>\n\n\n\n
But the European Central Bank raised interest rates by 50 basis points on Thursday, as concerns about rising inflation outweighed concerns about a global banking crisis.<\/p>\n\n\n\n
Federal Reserve officials are expected to continue their anti-inflation campaign by raising interest rates by 25 basis points at their policy meeting in March.<\/p>\n\n\n\n
The opportunity cost of holding non-yielding bullion increases when interest rates increase.<\/p>\n\n\n\n
The dollar index fell 0.2 percent, making gold more attractive to buyers who hold other currencies.<\/p>\n\n\n\n
Among other precious metals, spot silver rose 0.9 percent to $21.89 an ounce, platinum rose 0.8 percent to $980.33, and palladium rose 0.9 percent to $1,443.80.<\/p>\n\n\n\n
The three metals are heading for weekly gains, and silver is expected to post its best week since early December.<\/p>\n","protected":false},"excerpt":{"rendered":"
Gold prices rose on Friday, supported by the weakness of the dollar, and are preparing for the largest weekly gains since mid-November, as the global banking crisis prompted investors to turn to the metal, which is considered a safe haven. And by 0313 GMT, gold in instant transactions rose 0.5 percent to $ 1928.08 an …<\/p>\n","protected":false},"author":9,"featured_media":70951,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[38,37,36],"tags":[7111,6885,7603,8143],"class_list":["post-81657","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-commodities-news","category-forex-markets","category-market-updates","tag-bankruptcies","tag-fed","tag-gold-prices","tag-interest-rate-hikes"],"_links":{"self":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/users\/9"}],"replies":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/comments?post=81657"}],"version-history":[{"count":1,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81657\/revisions"}],"predecessor-version":[{"id":81658,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/posts\/81657\/revisions\/81658"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media\/70951"}],"wp:attachment":[{"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/media?parent=81657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/categories?post=81657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/noortrends.ae\/en\/wp-json\/wp\/v2\/tags?post=81657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}