Gold Gains Popularity as Investors Flee Risky Assets Following SVB's Collapse

Gold extended gains and copper dropped as the collapse of Silicon Valley Bank soured risk sentiment and curbed expectations for more aggressive rate hikes by the Federal Reserve.

The second-largest collapse of an American lender in history has sparked nervousness about potential spillover effects across the financial system and prompted US officials to move to protect depositors’ funds on Sunday. Global stocks slumped on Monday, with copper dropping to a two-month low as it tracked the broader move in risk assets, while gold topped $1,900 an ounce.

Source : Gold Gains Popularity as Investors Flee Risky Assets Following SVB’s Collapse