Gold futures rise for the week as bank worries spark rush to safety

PUBLISHED FRI, MAR 24 20236:53 AM EDTUPDATED FRI, MAR 24 20233:07 PM EDT

Gold prices ended a volatile week higher on Friday as bank contagion fears bolstered both safe-haven demand and bets on a pause in Federal Reserve rate hikes, adding to the appeal of zero-yield bullion.

U.S. gold futures lost 0.6% to settle at $1,983.80 per ounce. Futures also gained 0.5% for the week, having climbed to its highest level in a year above $2,000 on Monday.

Banking shares were trounced again on Friday, with European giants Deutsche Bank and UBS knocked by worries that regulators and central banks have yet to contain the worst shock to the sector since the 2008 financial crisis.

https://www.cnbc.com/2023/03/24/gold-rises-slightly-as-fed-pause-bets-keep-outlook-bright.html