PUBLISHED FRI, MAR 17
Gold prices surged Friday as a wave of banking crises shook markets in bullion’s biggest weekly rise in four months, while bets solidified for a less aggressive U.S. Federal Reserve in its fight against inflation.
Spot gold climbed 3.1% to $1,977.89 per ounce, its highest level since April 2022. Bullion has risen about 5.8% this week. U.S. gold futures gained 2.6% to settle at $1,973.50.
“Gold is surging on fears that more bad banking news could appear over the weekend and hopes that the Fed will pause its rate hikes next week,” Tai Wong, an independent metals trader based in New York, said.
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