Gold traded higher on Monday as concerns over the collapse of Silicon Valley Bank (SVB) pushed investors into safe-haven assets.
The market session saw the yellow metal surge to a five-week high of $1,885 an ounce, while gold futures were positive at $1,889 an ounce.
SVB was reported to be the biggest bank failure since the 2008 financial crisis after it was shut down by California's financial regulator on Friday.
This follows the panic among depositors to withdraw their deposits from SVB following the liquidity issues faced by the bank causing the stock to fall sharply.
As a result, investors turned to safe-haven assets as protection thus driving the strengthening of gold prices today.
Even so, SVB's concerns eased a little after the US government intervened to announce that all customers will have access to their deposits from today.
Following this crisis, it has reduced investors' expectations for the Federal Reserve (Fed) to raise aggressive rates at the next meeting.
Also supporting those expectations was a lackluster reading in the US NFP jobs report which showed the unemployment rate rose and job growth slowed in February.
