Breaking: Gold rises above $1,960 for the first time since April 2022

FXStreet Team FXStreet

Gold price rose further on Friday reaching the highest level in eleven months, rising above $1,960/oz. XAU/USD is rising by more than $40, adding to weekly gains.

Risk aversion amid the banking crisis and lower US Treasury bond yields continue to boost the demand for the yellow metal. Since March 9, XAU/USD has risen more than $150 or 8%.

The rally gained speed last Friday, following the Nonfarm Payroll report and then accelerated following the collapse of Silicon Valley Bank (SVB). The ongoing turmoil softened central banks tightening expectations, pushing government bond yields lower.

Gold at $2,000 now looks like an achievable goal in the short term. Prior to the mark, a strong resistance area is seen around the $1,980 zone.

Author

FXStreet Team

FXStreet

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.