On the other hand, global risk aversion took the sheen off crude oil and copper, which slipped to their lowest since December 2021 and January 2023, respectively. COMEX Gold reported a more than 6 percent weekly gain, while Silver closed the week with a whopping 10 percent upside. SPDR Gold holdings rose for four straight days through Thursday to a three-week high at 914.72 tonnes. European bond yields too plunged in the wake of the Credit Suisse crisis with 2o-year German Bond yield slipping to 2.373 percent, its lowest level since mid-December, while benchmark 10-year Bunds fell to 2.11 percent in their largest single-day drop since 1990.ĬOMEX Gold jumped to a six-week high of $1,993.7 per troy ounce buoyed by safe-haven bids and renewed investment demand. ![]() Similarly, bond markets saw intense activity with US 10-year treasury yields and 2-year treasury yields tumbling below 3.45 percent and 3.75 percent, respectively. This led to a fresh wave of anxiety and as a result, investors flocked to safe-haven assets, helping the dollar recover from below 104 levels. First Republic Bank, the San Francisco-based lender, too saw a similar fate, after S&P Global Ratings and Fitch Ratings cut their ratings to junk. Credit Suisse shares hit an all-time low after its largest investor, Saudi National Bank, Credit Suisse's largest investor, refused to provide any more funding after the Swiss lender found “certain material weaknesses in internal control over financial reporting” for the years 20. Moreover, Credit Suisse and First Republic Bank added to the list of troubled banks, yet another reason to keep markets edgy. However, this failed to calm investors' nerves. ![]() ![]() The week started with plans by the US regulators to stem further systemic risk with a joint statement from Treasury Secretary Janet Yellen, Federal Reserve Chair Jerome Powell and Federal Deposit Insurance Corporation Chairman Martin J Gruenberg that the FDIC will make SVB and Signature’s customers whole. Panic gripped investors this week as the banking crisis spread from the US to Europe, sparking fears of a contagion in the global financial markets. Ravindra V Rao, VP-Head Commodity Research at Kotak Securities
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