Spot gold and US gold futures rise as dollar loses ground
— Gold prices edged up on Friday, en route to their best monthly performance since July 2020, as the recent banking system crisis led to expectations of a less-aggressive US Federal Reserve, making bullion an attractive bet.Bullion was also set for a second consecutive quarterly gain, up 8.6% so far.
Gold rose above the $2,000 mark after the sudden collapse of two US regional lenders earlier this month, which led to bets that the Fed might pause hiking rates to avoid a wider fallout from the global banking system turmoil.Though gold is considered a hedge against economic uncertainties, higher rates tend to dull zero-yielding bullion’s appeal.“There is speculation that the banking crisis is probably not over, but the issues are not immediately visible or impacting markets right now ...
Gold faces a downside risk because the market expects the Fed to pause raising rates, which clashes with what the Fed has said and might clash with the upcoming data, Spivak added.
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