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Gold futures settle near 11-month high on bank jitters

18 Mar 2023 Evaluate
Gold futures settled near 11-month high on Friday, whetted by the safe haven appeal of the bullion amidst global bank turmoil. The unexpected fallout of three US banks-Silvergate Capital, Signature Bank (SBNY) and Silicon Valley Bank, fuelled spooked concerns about potential recession. Meanwhile, the yellow metal for the most active contract jumped by 8.1%, marking sharpest weekly gain in three years.

Gold futures for April rose by $50.50 or 2.6% to finish at $1973.50 ounce on the Comex division of the New York Mercantile. While, spot gold added by $69.73 or 3.63% to $1,989.25 per ounce.