2023.03.2410:15:00UTC+00Gold Holds Steady As Risk Aversion Deepens

Gold prices held steady on Friday even as renewed concerns over financial stability buoyed the dollar.

Spot gold edged up 0.1 percent to $1,995.76 per ounce, while U.S. gold futures were up 0.1 percent at $1,998.55.

The dollar strengthened while Treasury yields declined after comments from regulators that they would take additional steps as needed to support the financial system.

Risk aversion gripped financial markets, with banking stocks falling across the board in Europe after Deutsche Bank saw a spike in credit default swaps on Thursday night.

Separately, the Bloomberg reported that Credit Suisse Group and UBS Group AG are among the banks under scrutiny in a U.S. Justice Department probe for potentially helping Russian oligarchs evade sanctions.

In economic releases, preliminary manufacturing sales data for February, durable goods orders for February and PMI reports for March likely to attract investor attention in the New York session.

In Europe, the S&P Global Eurozone PMI Composite rose to 54.1 in March vs. 51.9 estimated and 52.0 previous.

U.K. retailers enjoyed a stronger-than-expected month in February, while a measure of consumer confidence climbed slightly in March, separate reports showed earlier today.