Gold and silver prices climbed on Monday following JPMorgan Chase & Co. JPM winning an auction to take over troubled First Republic Bank’s business and deposits, as much of Europe celebrated the May Day holiday.
Price actionMarket drivers Precious metals prices are up, with silver seeing especially pronounced gains, following the government takeover and auction of First Republic Bank, which had teetered on the edge of collapse for weeks. While... Gold and silver prices climbed on Monday following JPMorgan Chase & Co. JPM winning an auction to take over troubled First Republic Bank’s business and deposits, as much of Europe celebrated the May Day holiday.
Price action Market drivers Precious metals prices are up, with silver seeing especially pronounced gains, following the government takeover and auction of First Republic Bank, which had teetered on the edge of collapse for weeks. While silver seemed to catch a strong bid on the news, gold was up only modestly as traders took a wait-and-see approach ahead of a meeting of top Federal Reserve policy makers, where the central bank’s leaders are widely expected to announce another 25-basis-point rate increase.“Gold traders are pausing ahead of a very important week for economic data releases. The marketplace is so far taking in stride the weekend news of the second-largest U.S.