EDR:CC - Gold rises amid banking sector weakness but miners see mixed results

2023-03-15 13:38:38 ET

Gold ( XAUUSD:CUR ) registered gains on Wednesday, rising around +2% and crossing the $1,900/oz mark for the first time since the start of the year. Silver ( XAGUSD:CUR ) too rose as high as around +3% and touched $22.36/oz.

Gold and silver have gained around +5% and +9% over the last five trading sessions. Investors are turning to assets with safe-haven appeal amid broad weakness in the market over the multiple shocks of the Silicon Valley Bank failure, a federal backstop and today's Credit Suisse ( CS ) rout.

Even precious metals miners were not immune to the market weakness, with just Newmont ( NEM ) +2.2% and Barrick Gold ( GOLD ) +3% . Sandstorm Gold ( SAND ) also edged upwards +0.77% .

Other miners were edging downwards, with the top losers including: Equinox Gold ( EQX ) -3.23% , First Majestic Silver ( AG ) -2.50% , Eldorado Gold ( EGO ) -2.06% , New Gold ( NGD ) -1.7% , Yamana Gold ( AUY ) -1.08% , Alamos Gold ( AGI ) -0.98% , Kinross Gold ( KGC ) -0.92% , Endeavour Silver ( EXK ) -0.78% , Wheaton Precious Metals ( WPM ) -0.68% , Iamgold ( IAG ) -0.64% , Coeur Mining ( CDE ) -0.33% and Agnico Eagle Mines ( AEM ) -0.13% .

ETFs: (NYSEARCA:GLD), (NYSEARCA:GDX), ( GDXJ ), ( IAU ), ( NUGT ), ( PHYS ), ( SLV ), ( PSLV ), ( SIVR ), (NYSEARCA:SIL), ( SILJ ), ( SLVP )

Gold futures had been falling the week prior after Federal Reserve Chair Jerome Powell said "inflationary pressures are running higher than expected" and left the door open to further interest rate increases.

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