Gold prices surge amid banking crisis and market volatility.

The gold market saw its best week in three years, with prices surging to above $1,980 an ounce and analysts predicting a test of the $2,000 an ounce level next week. The Federal Reserve monetary policy meeting is now on the periphery, with markets pricing in a 25-basis-point hike for Wednesday. However, investors are more focused on the potential pause and rate cuts that could follow. The consensus in the gold market is that the Fed will have to ease up before inflation is tamed. The fear of banking contagion risk spreading further is pushing gold prices higher.