Gold as a haven asset has been the recipient of the financial uncertainty that has unfolded this month. Gold futures hit a low of $1814 on March 8 and traded to its highest yearly value on Monday when April futures traded to an intraday high of $2015. Although gold pricing wasn't able to sustain attempts to close above $2000 it remains solidly within reach.
Even with one week remaining in March 2023, this month has been pivotal in terms of the major events that have unfolded. These events will most certainly shape the direction and strength of the financial markets throughout this year. America's top banks ponied up a $30 billion rescue deal over a 10-day period in conjunction with the steps by the US treasury, the FDIC, and the US Federal Reserve to attempt to cauterize the economic calamity in the banking system in hopes that these recent failures will not lead to a contagion of more banks. However, we don't know if the steps taken by government entities and private sector banks will be enough to contain the damage.
Great sum up for the week. Thank you!
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