Gold ends at 5-week high after U.S. authorities intervene to backstop bank depositors

Gold prices finished at a five-week high as the U.S. dollar weakened and Treasury yields declined after the Federal Reserve and other U.S. authorities attempted to prevent a banking crisis from spreading in the aftermath of SVB collapse.

Price action

Market drivers

Gold extended its safe-haven appeal on Monday as investors were piling into the yellow metal despite President Joe Biden’s assurance that the banking system is still “safe” in the wake of the failures of Silicon Valley Bank and Signature Bank….