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Gold Futures Jump $18.70 as SVB Failure Stimulates Buying Safe-haven Assets

The price of gold futures increased by 1% early this morning as investors sought safe-haven assets in light of concerns over the bankruptcy of Silicon Valley Bank (SVB), a US bank that lends to technology startups. The news of SVB’s closure and assignment to the Federal Deposit Insurance Corporation (FDIC) as the bank’s deposit custodian, …

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Gold closes $1.40 lower amid aggressive Fed rate hike concerns

Gold futures closed lower on Wednesday (March 8), after Federal Reserve Chairman Jerome Powell addressed Congress on March 2, reiterating that the Fed will accelerate interest rate hikes to curb inflation. The aggressive stance on rate hikes caused concern among investors, leading to a decline in gold futures. Powell delivered his semi-annual monetary policy and …

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Gold tumbles $34.60 after Powell signals aggressive interest rate hikes

Gold futures closed at their lowest level in over a week on Tuesday, March 7th, after Federal Reserve Chairman Jerome Powell signaled an aggressive interest rate hike to pull inflation down to the Federal Reserve’s target level. The decline in gold contracts followed Powell’s semi-annual statement on US monetary policy and economic conditions to the …

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Gold closes steady as investors keep an eye on Powell’s statement

Gold closed steady on Monday, March 6, as investors kept a close eye on Federal Reserve Chairman Jerome Powell’s statements ahead of his address to Congress this week. Powell is expected to give a biennial address to Congress on monetary policy and economic conditions this week, with scheduled appearances before the Senate Banking Committee on …

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Turkey Remained the World’s Largest Gold Purchaser in January, Adding 23 Tons to Reserves

According to data from the World Gold Council, Turkey continued to be the world’s largest gold purchaser among global central banks in January, adding 23 tons of gold to its reserves. This follows Turkey’s trend of hoarding gold for months and being the biggest gold buyer in the world last year. Turkey’s current gold holdings …

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Gold closed down $4.90 as the strong dollar dragged the market

Gold futures closed down on Thursday (Mar. 2) as the strong dollar dragged the market, with gold contracts falling $4.90, or 0.27%, to $1,840.50/ounce. The dollar’s strength against a basket of six major currencies, up 0.52% to 105.0284 overnight, weighed on the gold market, making gold contracts priced in dollars more expensive for investors holding …

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