Gold prices continued to rise on Wednesday, helped by the dollar hitting a 2-month low. The precious metal began a rally after news of the collapse of the SVB and other banks, and now quotes are rushing towards the maximum value reached in 2020.

A positive factor for gold and negative for the dollar index was weak statistics on the number of jobs in the United States in February - the figure reached its lowest value for almost 2 years, dropping to 632 thousand. Such results are a sign of the negative impact of high interest rates in the labor market and, according to analysts, may be the first sign of its weakening, writes investing.com. In this connection, and also taking into account the banking crisis and the possibility of recession, investors doubted that the Fed will have the opportunity to further raise the interest rate.

As currency strategists believe, the dollar is likely to continue to fall in the future against the background of raising interest rates by other central banks.