The second-largest collapse of an American lender in history has sparked nervousness about potential spillover effects across the financial system and prompted US officials to move to protect depositors’ funds on Sunday. Global share markets subsequently tumbled, while the dollar extended its decline.
The bank failure has also driven a massive shift in expectations for more hikes by the Fed, with swaps markets now seeing no more increases this year as the most likely outcome. Benchmark 10-year Treasury yields plunged to the lowest in over a month, supporting the non-yielding bullion. “With two-year yields almost down 1% in less than a week and the market increasingly pricing away the prospect for a rate hike, gold has to go higher,” said Ole Hansen, head of commodities strategy at Saxo Bank A/S. “Gold is the most rate- and dollar-sensitive commodity.”
It represents a rapid turnaround for gold, which has now jumped past its 50-day moving average, signaling a change in momentum. The metal2% on Friday after US jobs data pointed to easing inflationary pressures in the labor market. “Any escalating financial sector distress would almost certainly see an initial gold selloff to raise liquidity, followed by fresh safe haven buying,” Rhona O’Connell, an analyst at StoneX,
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