Gold prices rose today, heading to record the best monthly performance since July 2020, as the banking system crisis prompted the expectation that the Federal Reserve (the US Central Bank) would temporarily stop raising interest rates, which makes the yellow metal more attractive.
Gold in spot transactions rose 0.1 percent to $1981.59 an ounce, while US gold futures rose 0.1 percent to $1982.00. The precious metal is also heading for its second consecutive quarterly gain, up 8.6 percent so far, at a time when the dollar is heading towards its second consecutive quarterly loss, making gold cheaper for buyers abroad.
Gold crossed the $2,000 level after the sudden collapse of two US banks earlier this month, raising bets that the Federal Reserve might stop raising interest rates to avoid broader repercussions of the global banking system turmoil. On the other hand, spot silver settled at $23.87 an ounce, platinum also settled at $986.12, while palladium fell 0.5 percent to $1457.39.