"A lot of investors are looking to the precious metal space as a safe haven against this volatility and this risk. Other precious metals followed suit, with silver advancing 6.3% to $21.81 per ounce, platinum jumping 4% to $997.60, and palladium climbed 7.8% to $1,485.74. gold futures gained 2.6% to settle at $1,916.50. EDT (1734 GMT), the highest since early February.
"Gold looks very much like it is fulfilling its mandate as a safe haven," with support from short covering of long exposures, said Bart Melek, head of commodity markets strategy at TD Securities. dollar and Treasury yields extended their declines despite efforts by regulators to control the Silicon Valley Bank and Signature Bank turmoil. Federal Reserve would have to slam the brakes on its aggressive monetary policy. Gold and silver prices surged on Monday, as their safe-haven appeal drew in investors spooked by the collapse of Silicon Valley Bank, with the crisis also sparking hopes the U.S.
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