Gold futures settle higher for the month and quarter
Gold futures declined on Friday, failing to finish above the key $2,000-an-ounce level but ending higher for the month as well as the first quarter. Gold prices have been boosted this month by concerns about the banking sector, but the fallout from Silicon Valley Bank and Credit Suisse have "broadly been contained, making equities more attractive to investors after they rushed to the safety of gold earlier in the month," said Sanjeeban Sarkar, commodities editor at The Economist Intelligence Unit. "We expect pressures to ease in the short term, but also forecast that there will be a high floor under prices, as concerns about the broader economy linger," he said. Gold for June delivery fell $11.50, or 0.6%, to settle at $1,986.20 an ounce on Comex. Prices based on the most-active contracts finished 8.1% higher for the month and gained 8.8% for the quarter, according to Dow Jones Market Data.
-Myra P. Saefong
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(END) Dow Jones Newswires
March 31, 2023 13:59 ET (17:59 GMT)
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