23.03.202311:40:00UTC+00Gold Futures Surging Higher On Safe-haven Buying

Gold prices are notably higher Thursday morning on safe-haven buying as global equities turned weak after the Fed raised rates and signaled further tightening.

US Treasury Secretary Janet Yellen's comments that the regulators are not planning to provide "blanket insurance" to bank deposits raised concerns about growth and significantly weigh on the financial markets.

The dollar is recovering from early weakness, but still remains somewhat subdued. The dollar index

Gold futures for April are up $31.00 or about 1.6% at $1,980.60 an ounce.

Silver futures are gaining $0.264 or 1.16% at $23.050 an ounce, while Copper futures for May are down $0.0110 or 0.27% at $4.0335 per pound.

The Bank of England, scheduled to announce its monetary policy in a little while now, is expected to tighten policy further after a hotter-than-expected inflation print for the UK. The bank is widely expected to raise rates by 50 basis points.