Gold raced towards the key $1,900 level on Monday as investors sought cover from the uncertainty triggered by the collapse of Silicon Valley Bank, emboldened by bets that the Federal Reserve may now have to tone down its rate hikes.
Spot gold XAU= was up 0.9% at $1,885.37 per ounce, as of 0904 GMT. Earlier in the session, prices hit their highest since early Feb at $1,893.96. U.S. gold futures GCv1 gained 1.2% to $1,889.50.
On Friday, gold gained 2% after California regulators closed tech startup-focused Silicon Valley Bank (SVB) SIVB.O. Regulators also shuttered New York-based Signature Bank SBNY.O on Sunday.
London-listed company KEFI Gold and Copper plc (LON:KEFI) is an exploration and development company focused on gold and copper deposits in the highly prospective Arabian-Nubian Shield. The Company operates in Ethiopia and Saudi Arabia with projects including Tulu Kapi project, Jibal Qutman EL and Hawiah.