Gold futures climbed on Friday and posted a gain for the week. Prices for the metal got a boost as the U.S. dollar and Treasury yields weakened in the wake of the monthly U.S. jobs data, which showed a robust 311,000 new jobs created in February, but also a rise in the unemployment rate to 3.6%. “Gold is apparently sensing the potential for trouble ahead” in the banking sector, and serving as a safe haven for investors, said Brien Lundin, editor of Gold Newsletter. Concerns about contagion in the banking sector climbed as the California Department of Financial Protection and Innovation and the Federal Deposit Insurance Corporation closed Silicon Valley Bank after its parent company on Thursday disclosed large losses from securities sales. Gold for April delivery GCJ23 rose $32.60, or 1.8%, to settle at $1,867.20 an ounce on Comex. Based on the most-active contract, prices rose 0.7% for the week, according to Dow Jones Market Data.
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