The bullion has sprung back to life, with safe-haven flows sending prices close to $1,900, analyst says
— Gold prices jumped more than 1% and made a run towards the key $1,900 level on Monday as fears of a fallout from the largest US bank failure since the 2008 financial crisis drove investors to the safe-haven asset.
US gold futures gained 1% to $1,886.50. “Gold has certainly sprung back to life, with safe-haven flows sending prices to within a cat’s whisker of $1,900,” said Matt Simpson, senior market analyst at City Index. “Fears of market contagion and stresses may prompt Fed officials to reconsider the pace of hikes at the upcoming [Federal Open Market Committee meeting] as preserving financial stability takes precedence,” said OCBC FX strategist Christopher Wong.
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