Gold prices soften as concern subsides over banking meltdown Wagner gold silver
For the second consecutive day gold futures have traded lower. Today gold traded to an intraday low of $1945 and a high of $1984 after opening at $1982.60. As of 4:15 PM EST gold futures basis the most active April contract is currently fixed at $1958.50 after factoring in today’s decline of $25.30 or -1.28%.
The primary factor that had increased demand for the precious metal diminished over the weekend. The concern was centered around a banking crisis involving Silicon Valley Bank and Signature Bank of New York spreading to other banks. The purchase of SVB greatly alleviated the fears that the banking meltdown would have a contagion effect leading to more banks becoming insolvent. This diminished the demand for safe-haven assets as investors reallocated funds from haven assets to risk-on assets such as U.S. equities. The Dow Jones Industrial Average gained 0.60%, and the S&P 500 gained 0.16%. However, bearish market sentiment continues in the tech-heavy NASDAQ composite which declined by 0.47%.
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