Gold Rallies as Global Equities Fall and Banking Worries Linger

Gold futures surged to the highest value of 2023, reaching $1981.10, as investors rethought the banking crisis and accommodative Federal Reserve. The Federal Reserve is expected to approve a ¼% rate hike with the banking crisis ultimately backstopping the opinion that the Federal Reserve would step up its rate hikes with a ½% rate hike next week. Dollar weakness contributed to today’s dramatic ascent, but roughly 5/6 of today’s gains in gold are directly attributable to market participants bidding the precious yellow metal higher.