Precious metals are continuing the retracement initiated on Monday as the financial markets try to settle down from the huge stress seen over the last few days. Gold price (XAU/USD) has pulled back to trading below $1,970 at the time of writing, from a peak above $2,000 early on Monday. Silver price action (XAG/USD) has been a bit quieter, with a relative monthly high below $23 achieved on Monday and a 1% retracement since.
UBS agreement to buy Credit Suisse and coordinated central bank action to inject liquidity into the system are the actions that have somewhat relieved the extreme risk-off mood seen since the collapse of Sillicon Valley Bank.
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