While regulators seek to allay fears over the global banking system, bullion remains a resolute safe-haven in a rolling risk environment
— Gold prices rose on Tuesday as the dollar slipped, though an improvement in risk appetite after efforts by regulators to allay fears over the global banking system limited the safe-haven metal’s appeal.“The US dollar seems to be stabilising. This should entice fresh buying back into the [gold] market,” said Clifford Bennett, chief economist at ACY Securities.
The US government will continue using its tools to prevent contagion in the banking sector, as warranted, to ensure that Americans’ deposits are safe, the treasury undersecretary for domestic finance, Nellie Liang, will tell Congress on Tuesday. Markets are pricing in a 61% chance of the Fed standing pat on interest rates in its May meeting, according to the CME FedWatch tool.
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