Safe-haven gold accelerates as traders assess SVB fallout SVBCollapse gold investment USA
After the SVB collapse, traders now expect the Fed to no longer raise interest rates by 50 basis points this month, in contrast to a 70% probability before the event. Rate cuts have also now been priced in by end-2023.
Gold found further tailwinds from the simultaneous retreat in the dollar index, which made bullion cheaper for overseas buyers.
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