Gold prices edged down for a second straight session on Monday as the U.S. dollar firmed, while authorities attempted to assuage investor fears of a widespread crisis in the global banking sector.
Spot gold was down 0.1% at $1,975.59 per ounce, as of 0350 GMT. U.S. gold futures fell 0.3% to $1,977.90."Markets continue to adopt a cautious stance... On net, the mix of growth worries, lingering concerns of banking stresses could benefit safe-haven proxies such as USD, JPY and gold in the interim," said OCBC FX strategist Christopher Wong.was in advanced talks to acquire Silicon Valley Bank.
However, some investors still worried that regulators have yet to contain the worst shock to the banking sector since the 2008 global financial crisis after shares ofRecent stress in the banking sector and the possibility of a follow-on credit crunch brings the United States closer to recession, Minneapolis U.S. Federal Reserve PresidentThe threat of a recession has resulted in investors increasing their allocation to the precious metal in droves, ANZ said in a note.
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