Early on Friday in Asian trading. Gold price remained unchanged and on track to enjoy their best weekin two months as demand for safe haven assets increased because of worries about a potential banking crisis.

Gold price also benefited from skepticism regarding the Federal Reserve’s ability to continue raising interest rates in light of the intensifying strain on the economy.

Why Is Gold Price Rising Despite Unfavourable Economic Factors?

This week, markets flooded into gold as a result of the failure of Silicon Valley Banks & other smaller regional competitors.

This idea made the dollar weaker, which benefited the metal markets as well. Nevertheless, the dollar recovered most of its losses this week thanks to some safe-haven demand and stronger-than-expected February inflation statistics from the United States.

The Fed is under increased pressure to raise interest rates due to relatively high inflation. The bank conference coming weeks.

Copper prices among industrial metals stabilised on Friday after suffering substantial losses this week due to worries that a future recession could drastically cut demand.