For the second time this week on Thursday, Gold price climbed above $2,000. Economists at ANZ Bank note that the yellow metal sees increasing demand on speculation about a possible pause in rate hikes by the Federal Reserve.

Gold finds support from increased interest in haven assets amid ongoing banking crisis

“The metal has one of the strongest relationships with the greenback and is highly sensitive to interest rate moves. A potential pause in interest rate hikes by the Fed is seeing investors increase their allocation to the precious metal.”

“Gold is also finding some support from increased interest in haven assets amid the ongoing banking crisis.”

“An increase in net long positions by speculators has been driven by both new longs and short covering. The inflows into gold-backed ETFs have risen sharply in recent weeks.”