Gold prices have been a bright spot this week as investors shaken by the recent market turmoil spurred by the Silicon Valley Bank collapse and Swiss bank Credit Suisse’s troubles across the Atlantic have turned to the yellow metal as a safe haven.
The price of gold climbed about 5% this week to above $1,960 for the first time since April last year, trading at $1,980.80 on Friday afternoon in New York.
City Index and FOREX.com market analyst Fawad Razaqzada noted that the metal was closing in on the all-time peak gold price of $2,075 hit in August 2020.
“To get that additional 6% or so worth of gains, it will probably need another shot in the arm from the Fed next week,” Razaqzada said.
Catch up on the eventful week that was for precious metals here: