FUNDAMENTALS
* Spot gold was up 0.5% at $1,877.30 per ounce, as of
0051 GMT, after hitting its highest since Feb. 3 earlier in the
session at $1,893.96. U.S. gold futures gained 0.8% to
$1,882.10.
* The dollar index was down 0.4%, making bullion
cheaper for buyers holding other currencies.
* U.S. officials stepped in to stem financial fallout from
the failure of tech startup-focused Silicon Valley Bank , saying that all customers would have access to their
deposits starting on Monday.
* California banking regulators closed Silicon Valley Bank
on Friday and appointed the Federal Deposit Insurance
Corporation (FDIC) as receiver for later disposition of its
assets.
* State regulators closed New York-based Signature Bank on Sunday, just two days after California authorities
shuttered Silicon Valley Bank.
* Data on Friday showed the U.S. economy added jobs at a
brisk clip in February, but monthly wage growth slowed and the
unemployment rate rose, pointing to some labour market loosening
and prompting financial markets to dial back expectations that
the Federal Reserve would raise interest rates by half a
percentage point this month.
* Gold is considered a hedge against economic uncertainties,
and tends to gain on expectations of lower interest rates which
reduce the opportunity cost of holding non-yielding bullion.
* Spot silver added 0.6% at $20.63 per ounce,
platinum was 0.3% higher at $961.87 and palladium rose 0.5% to $1,385.56.
DATA/EVENTS (GMT)
0700 UK Claimant Count Unem Chng Feb
0700 UK ILO Unemployment Rate Jan
0700 UK HMRC Payrolls Change Feb
Euro group finance ministers meet in Brussels
(Reporting by Kavya Guduru in Bengaluru; Editing by Subhranshu
Sahu)
