New York gold futures closed at a five-week high on Monday, supported by a weak dollar and falling bond yields.
Gold prices held above US$1,900 an ounce on Tuesday as capital continued to flow out of global stock markets amid expectations of another US bank collapse.
Share prices of Financial Republic Bank plunged by nearly 70% overnight along with declines of less than 10% for major US banks such as Well Fargo, Bank of America, Citigroup and JP Morgan as President Joe Biden failed to reassure the market about the sector’s stability.
San Francisco-based Financial Republic Bank is expected to be the fourth bank to face closure, following the collapse of three US banks in less than a week.
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