{"id":3397,"date":"2023-05-02T22:49:44","date_gmt":"2023-05-03T02:49:44","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/commodities\/gold-firms-above-2000-as-fed-anxiety-bank-rout-boost-safe-havens\/"},"modified":"2023-05-02T22:49:44","modified_gmt":"2023-05-03T02:49:44","slug":"gold-firms-above-2000-as-fed-anxiety-bank-rout-boost-safe-havens","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=3397","title":{"rendered":"Gold firms above $2,000 as Fed anxiety, bank rout boost safe havens"},"content":{"rendered":"
\n

Investing.com– Gold prices moved little in early Asian trade on Wednesday, but were underpinned by increased safe haven demand amid renewed fears of a banking crisis and uncertainty over monetary policy before a Federal Reserve rate decision.\u00a0<\/p>\n

The yellow metal rose sharply on Tuesday as U.S. bank stocks faced a flurry of selling, after the government-brokered takeover of First Republic Bank <\/span><\/span> (NYSE:) by JPMorgan Chase & Co (NYSE:) sparked concerns that several other regional U.S. lenders were facing solvency issues.\u00a0<\/p>\n

Regional bank stocks such as PacWest Bancorp <\/span><\/span> (NASDAQ:) and Western Alliance Bancorporation (NYSE:) slumped between 15% and 30%.\u00a0<\/p>\n

The bank rout also came just before the conclusion of a Fed meeting later in the day, where the bank is .<\/p>\n

was flat at $2,017.01 an ounce, while rose 0.1% to $2,025.80 an ounce by 21:58 ET (01:58 GMT). Both instruments jumped 1.7% on Tuesday, their biggest intraday gain in nearly a month.\u00a0<\/p>\n

Bullion demand was also supported by increased fears of a U.S. debt default, after Treasury Secretary Janet Yellen warned\u00a0 that the world\u2019s largest economy potentially faces a June 1 deadline to meet its obligations. The warning came as Republican and Democratic lawmakers clashed over how much to raise the Congressional debt limit.\u00a0<\/p>\n

But uncertainty before the Fed meeting limited gains in gold. While the central bank is widely expected to hike interest rates, markets are uncertain over a potential pause in the Fed’s year-long rate hike cycle.<\/p>\n

is still trending well above the Fed\u2019s target range, and the central bank has given scan indication that it plans to taper its hawkish stance.<\/p>\n

Still, gold and other non-yielding assets could see increased support if the Fed announces a pause, given that rising interest rates ramp up the opportunity cost of holding such assets.<\/p>\n

Other precious metals were little changed on Wednesday, with down 0.1%, while rose 0.1%.<\/p>\n

Among industrial metals, copper prices fell further after tumbling nearly 1.8% in the prior session following a string of weak manufacturing activity readings from across the globe.<\/p>\n

fell 0.2% to $3.8575 a pound.<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Investing.com– Gold prices moved little in early Asian trade on Wednesday, but were underpinned by increased safe haven demand amid renewed fears of a banking crisis and uncertainty over monetary policy before a Federal Reserve rate decision.\u00a0 The yellow metal rose sharply on Tuesday as U.S. bank stocks faced a flurry of selling, after the […]<\/p>\n","protected":false},"author":1,"featured_media":3398,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[242],"tags":[83],"class_list":["post-3397","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-commodities","tag-featured","post_format-post-format-gallery"],"yoast_head":"\nGold firms above $2,000 as Fed anxiety, bank rout boost safe havens | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Investing.com-- Gold prices moved little in early Asian trade on Wednesday, but were underpinned by increased 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