He gold price it continued to rise on Friday to reach the highest level in 11 months, surpassing $1,960/oz. XAU/USD pair rises over $40, adding to weekly gains.
Risk aversion amid the banking crisis and lower US Treasury yields continue to fuel demand for the yellow metal. Since March 9, XAU/USD is up more than $150, or 8%.
The recovery picked up speed last Friday after the Non-Farm Payrolls report and then accelerated after the Silicon Valley Bank (SVB) collapse. The current turbulence softened expectations of central bank tightening, which pushed down government bond yields.
Gold at $2,000 now looks like an achievable short-term target. Before reaching this region, a strong resistance zone is seen around $1,980.
Source: Fx Street
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