According to CNBC,Įdward Moya, senior market analyst at OANDA, said: “ Gold saw safe-haven flows amid concerns over financial instability.Startups and debt refinancing are among the biggest financial risks traders are analyzing. The concern is that problems at the start-up-focused lender could spill over to other markets around the world.Īccording to the latest news from CNBC and other US media, on the 12th local time, US regulators announced the closure of Signature Bank on the grounds of “systemic risk”.
The closure of Silicon Valley Bank, one of the leading tech financiers, shows that the Federal Reserve’s aggressive cycle of rate hikes to fight inflation can have unintended consequences, analysts said. Gold has once again become a safe-haven trade, extending gains on March 13 and currently trading around $1,879.75 as investors piled into the market following the closure of the two banks.。 financial institution to be shut down within three days, following Silicon Valley Bank. Federal Deposit Insurance Corporation issued a joint statement announcing the closure of Signature Bank on the grounds of “systemic risk”.
On the afternoon of March 12 local time, the U.S. On March 10, local time, the Federal Deposit Insurance Corporation (FDIC) issued a statement stating that the California Department of Financial Protection and Innovation (DFPI) announced the closure of Silicon Valley Bank, the largest bank failure since the financial crisis. banks fail in three days, Goldman no longer predicts Fed rate hike this month
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