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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
948 x 535 px AdobeStock_433552847
Reports
Monthly Economic Update: Waiting on Jay Powell
September 2, 2025 DOWNLOAD
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Economic Updates
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August 29, 2025 DOWNLOAD
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August 28, 2025 DOWNLOAD
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Markets 2 MIN READ

Gold dips 2% as banking fears recede in run-up to Fed decision

March 21, 2023By Reuters
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March 21 (Reuters) – Gold dropped about 2% on Tuesday as Treasury yields jumped and easing worries over a banking crisis prompted some investors to cautiously return to riskier assets, while markets await the US Federal Reserve’s next interest rate decision.

Spot gold dipped 2.1% to USD 1,938.19 per ounce by 1:31 p.m. EDT (1731 GMT). US gold futures, too, fell 2.1% to settle at USD 1,941.10. The precious metal hit USD 2,009.59 on Monday, its highest since March 2022, but has since retreated.

“We’re seeing a little bit less risk aversion in the marketplace today… but mainly it’s just heavy profit-taking by the shorter-term futures traders after gold prices hit 12-month highs yesterday,” said Jim Wyckoff, senior analyst at Kitco Metals.

Risk assets, including equities and oil prices, rebounded after the rescue of Credit Suisse calmed nerves about a bigger banking crisis. That made gold, traditionally used a safe asset during financial instability, less attractive.

All eyes are on the Fed policy decision on Wednesday, with some top central bank watchers saying it could pause further rate hikes.

“The surprise to the marketplace would be if the Fed did nothing and that would be probably significantly bullish for the metals markets,” Wyckoff said.

Markets are pricing in an 13.6% chance the Fed will stand pat and an 86.4% likelihood of a 25-basis-point hike, according to the CME FedWatch tool. Higher rates reduce the appeal of non-yielding gold.

“We could see some marginal selling activity below the USD 1,950/oz mark but expect that the combination of strong physical demand and resurgent investor flows should keep (gold) prices from tumbling,” TD Securities said in a note.

Holdings of the largest gold-backed exchange traded fund New York’s SPDR Gold Trust have registered consecutive inflows.

In other metals, spot silver fell 1.2% to USD 22.25 per ounce, platinum dropped 2% to USD 968.73 and palladium slid 1.7% to USD 1,391.14.

(Reporting by Seher Dareen, Swati Verma and Bharat Govind Gautam in Bengaluru; Editing by Tomasz Janowski and Shilpi Majumdar)

 

This article originally appeared on reuters.com

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