Gold price surges as U.S. regulators face scrutiny over bank collapses.

The gold market saw renewed gains as U.S. bank regulators faced tough questions about what led to the unexpected collapse of Silicon Valley Bank and Signature Bank. The bank failures triggered a broader market selloff and a shift in Federal Reserve rate expectations, which reversed from more rate hikes to rate cuts. Despite some profit-taking at the start of the week, the gold market is taking the news well, rising more than $20 on the day, with June Comex gold futures last trading at $1,993.30 an ounce.