The mix of growth worries and concerns of institution stresses could benefit safe-haven proxies such as the bullion, analyst says
— Gold prices edged down for a second consecutive session on Monday as the US dollar firmed, while authorities attempted to assuage investor fears of a widespread crisis in the global banking sector.The dollar index was largely steady and made bullion less affordable for overseas buyers.
Calming some nerves were reports that First Citizens Bancshares was in advanced talks to acquire Silicon Valley Bank. However, some investors still worried that regulators have yet to contain the worst shock to the banking sector since the 2008 global financial crisis after shares of Deutsche Bank plunged on Friday.
The threat of a recession has resulted in investors increasing their allocation to the precious metal in droves, ANZ said in a note.
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