Gold bounced back on Friday on a dip in yields and renewed concerns over the U.S. banking turmoil, putting the safe haven on course for its second monthly rise even as steady U.S. inflation reinforced bets for an interest rate hike next week.
Spot gold was 0.1% higher at $1,989.91 per ounce by 1:45 p.m. EDT , up about 1.1% for the month. U.S. gold futures settled unchanged at $1,999.10.of its failure to identify problems and push for fixes at Silicon Valley Bank before the lender's collapse, promising tougher supervision and stricter rules.
The Fed's report culminated around the same time as a decline in 10-year Treasury yields, turning gold positive, "but everything hinges on what Powell's going to say next week", said Daniel Pavilonis, senior market strategist at RJO Futures.
Silver steadied at $24.95 per ounce, platinum was flat at $1,077.04, while palladium gained 0.1% to $1,496.47 — all headed for their second monthly advances.Deep Kaushik VakilReports on global commodities and energy markets, with a special focus on oil and gas infrastructure and the power sector. Alongside agriculture, metals, and dry bulk, his coverage also spans U.S. energy regulations, extreme weather events, and the transition to renewables.
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