Banking Crisis Continues as Third Major Bank Collapses
First Republic Bank collapses following in the wake of the Signature Bank and Silicon Valley Bank failures. Investors are more motivated to move their uninsured deposits out of regional banks, turning to gold to protect their funds. Tina Teng, from CMC markets, expects gold to soon trade between $2500 and $2,600 an ounce. "A sooner Fed pivot on rate hikes will likely cause another gold price surge due to potential further decline in the U.S. dollar and bond yields," she states.
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