Gold price was higher on Tuesday following two sessions of declines with support from a weaker US Dollar even as bond yields climbed. Wall Street's major indexes lost ground as investors grew concerned again that the Federal Reserve would keep interest rates higher for longer as fears of further banking sector failures faded. At the time of writing, the Gold price is trading at $1,973 and has traveled between a low of $1,949 and $1,975.
The US Dollar was losing ground vs. a number of currencies for a second straight day as easing worries about the banking system revived investors' appetite for riskier currencies. There have been no new signs of bank failures over the weekend which is supporting risk appetite and weighing on the US Dollar. Risk appetite improved due to First Citizens BancShares' agreement to buy all of the failed lender Silicon Valley Bank's deposits and loans. US regulators said on Monday they would backstop a deal for regional lender First Citizens BancShares to acquire failed Silicon Valley Bank, triggering an estimated $20 billion hit to a government-run insurance fund. First Citizens shares jumped more than 53% during Monday trading on Wall Street.
US lawmakers quizzed top US bank regulators on Tuesday during testimony in Washington D.C. Michael Barr, the Federal Reserve's top bank regulator told a Senate panel that Silicon Valley Bank did a "terrible" job of managing risk before its collapse as he fended off criticism from lawmakers who blamed bank watchdogs for missing warning signs.
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