Gold is preparing to close the third week with a rise, with the demand for a haven due to the banking crises in the USA and Europe.
Spot gold is trading around $1,930 an ounce. Gram gold is around 1180 TL in the markets.
Spot gold rose 3% this week in the US after the SVB’s bankruptcy and concerns over regional banks and Credit Suisse Group’s problems.
On the other hand, after the bailout packages were announced in the USA and Europe, the concerns that there would be a full-blown crisis abated.
Thursday’s rise in US bond yields took back some of the precious metal’s appeal.
The precious metal’s ETF holdings rose four days a row until Thursday, hitting the highest level in the week as the Fed halts a rate hike this week and even considers the possibility of a reduction likely.
The market is currently pricing in an 80 percent probability that the Fed will raise rates this week.
