The gold price rose again significantly on Monday and exceeded the mark of 1900 dollars per troy ounce (31.1 grams). Already on Friday, gold had become more expensive to around 1870 dollars.
Christian Siedenbiedel
Editor in business.
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In connection with the demise of the American Silicon Valley Bank (SVB), gold is living up to its role as a crisis metal, said Alexander Zumpfe, gold trader at the precious metals group Heraeus: "The fear of a new banking and financial crisis drove investors into the safe haven of gold," said the gold expert.
In addition, there is the expectation that the US Federal Reserve (Fed) could reduce the pace of its interest rate hikes after the recent turmoil; Some market observers have already questioned the expected interest rate hike on March 22.
"What happens next for gold depends not least on whether the Fed's measures have an effect," said Zumpfe. If the banking difficulties remain isolated cases, the precious metal is likely to give up some of its recent gains. If, on the other hand, the crisis leads to a sustainable reversal in Fed policy, gold could remain in demand.