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On this day — March 3, 2023
Friday — typically a higher-volatility close to the week. US monthly non-farm payrolls publish on the first Friday of each month at 8:30 AM ET, the single most-watched economic data release for gold.
Day 62 of 365 · Q1 2023 · 17.0% through the year
March 2023 gold market: Banking crisis sends gold back toward $2,000
BullishA banking scare drove a powerful safe-haven rally.
Gold surged in March 2023 as the collapse of Silicon Valley Bank and the rescue of Credit Suisse sparked fears of a wider banking crisis. Safe-haven demand and a sudden repricing of the Fed's rate path drove gold from around $1,810 back toward $2,000.
What drove gold in March 2023
- Silicon Valley Bank collapse (Mar 10)
- Credit Suisse rescue
- banking-contagion fears
- markets pricing in Fed cuts
Key events in March 2023
- Mar 10Silicon Valley Bank fails; safe-haven bid lifts gold
- Mar 19UBS agrees to rescue Credit Suisse; gold nears $2,000
What happened next
Gold held near $2,000 for months as the banking scare lingered and rate-cut bets built.
For gold buyers
March proved gold's enduring role as crisis insurance — when banks wobbled, gold was the asset investors reached for.
Key terms this month
- Contagion:
- The spread of financial distress from one institution or market to others, often triggering safe-haven demand.
Mar 3 across the years — 2020 → 2022
| Year | Mar 3 close | vs prior | |
|---|---|---|---|
| Mar 3, 2022 | $1,929.60 | +12.75% | View |
| Mar 3, 2021 | $1,711.40 | +5.94% | View |
| Mar 3, 2020 | $1,615.50 | — | View |