Gold prices hold above $1,900 as CPI data looms
Investing.com -- Gold prices stuck to a near six-week high on Tuesday as concerns over a U.S. banking crisis saw investors scramble for traditional safe havens, with focus now turning to upcoming inflation data for more cues on monetary policy.
Prices of the yellow metal rallied over $100 in the past five days as the shutdown of three U.S. banks, most notably Silicon Valley Bank - underscored the growing cracks in the U.S. economy caused by a sharp rise in interest rates over the past year. While the U.S. government intervened to restore faith in the banking system, bank stocks saw heavy outflows on fears of potential contagion, which fed safe haven demand for gold.
But the prospect of a banking crisis also spurred bets that the Federal Reserve will be forced into toning down its hawkish stance in order to prevent further economic destruction. This weighed heavily on the
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