Gold rose as the dollar slumped for the second consecutive day against major currencies, but appetite for the safe-haven metal was affected by the improvement in risk appetite after regulators’ calming efforts. Oil prices moved in a tight range in early Asian trading after rising in the previous session as concerns over the global banking system persist.
In spot trading, gold rose 0.2% to $159.63 an ounce as of 05:57 GMT, slipping slightly, and US gold futures rose 0.3% to $160.30 an ounce before curbing gains in morning trading.
Gold tumbled more than 1% on Monday as investors slashed their safe-haven transactions and turned to higher-risk assets after First Citizens BancShares announced that it had purchased deposits and loans from collapsing Silicon Valley Bank. Silicon Valley SVB).
Other precious metals are:
Silver fell to $23.04 an ounce.
Platinum rose to $972.94.
Palladium rose to $1409.70.
dollar fell
The dollar fell for the second day in a row against major currencies on Tuesday as fears of a sweeping banking crisis eased demand for safe-haven assets.
The yen, although traditionally a safe-haven currency, rose strongly, offsetting overnight losses.
The Australian and New Zealand dollars also jumped as the Australian dollar received additional support from better-than-expected real estate sales data.
The dollar index, which measures the US currency’s performance against six major currencies, including the yen, fell 0.16% to 102.59 points in Asian trading, extending its losses of 0.35% on Monday.
The US currency fell to 130,505 yen during the session and was down 0.71% at 130.64 yen in the last trade, giving up 0.64% gains from last session.
The euro rose to $1.0809, the pound to $1.2315, the Australian dollar to $0.6686 and the New Zealand dollar to $0.62265.
Oil prices moved in a tight range during Asian trading on Tuesday after rising in the previous session as oil markets focused on developments in the banking crisis, concerns over supply and indicators of rising demand.
Brent crude futures rose to $78 a barrel in the early morning, and the price of US West Texas Intermediate crude rose 73.20 a barrel amid volatile trading.
Source: Reuters
