Gold futures settled sharply higher on Monday, whetted by the extended declines of dollar and US Treasury bond yields. Additionally, safe haven appeal spooked by the collapse of Silicon Valley Bank and Signature Bank also buoyed yellow metal rates. The ongoing bank turmoil spurred bets over less hawkish Federal Reserve providing more scope for bullion investments.
Gold futures for April surged by $49.30 or 2.60% to finish at $ 1916.50 ounce on the Comex division of the New York Mercantile. While, spot gold dipped by 0.38% or $7.35 to $1,906.35 per ounce.