Gold hits 4-week high after U.S. authorities intervene to save depositors in failing banks

Gold prices surged on Monday, hitting a 4-week high as the U.S. dollar weakened and Treasury yields declined after the Federal Reserve and other U.S. authorities stepped in to try and prevent a banking crisis from spreading.

Price action

Market drivers

Gold and silver were benefiting on Monday from both lower Treasury yields and heightened demand for safe-haven assets, precious metals analysts said.

“Gold…