(Reuters) – Gold costs jumped almost 2% on Friday, pushed by a slide in U.S. Treasury yields and broader monetary markets as worries over a fallout within the banking sector eclipsed a robust U.S. jobs report and drove safe-haven flows into bullion.

Spot gold was up 1.8% at $1,863.46 per ounce by 2:26 p.m. ET (1926 GMT), its highest since Feb. 14. U.S. gold futures additionally rose 1.8% to settle at $1,867.20 per ounce.

U.S. tech lender SVB’s troubles rippled via international markets and hit banking shares, shoring up curiosity in bullion usually seen as a secure retailer of worth throughout unsure instances.

“I feel the primary point of interest is yields and with yields dropping right this moment, that may be a increase for the gold market,” stated David Meger, director of metals buying and selling at Excessive Ridge Futures.

(Graphic: Gold rallies amid international banking rout – )

Gold, which doesn’t yield any curiosity, benefited as Treasury yields slid amid the monetary market turmoil and after U.S. jobs knowledge confirmed hourly earnings rose by lower than anticipated final month. That gave hope that the Fed might be much less aggressive in its path of rate of interest hikes, regardless that job creation was sturdy.

“As {the marketplace} sees it, the wages part of the U.S. jobs report was tamer than anticipated, which has apparently mitigated the higher-than-expected rise in non-farm payrolls,” wrote Jim Wyckoff, senior analyst at Kitco Metals in a day by day observe.

“There may be keener danger aversion within the market to finish the buying and selling week, and that’s seemingly prompting some safe-haven demand for gold and silver.”

Gold costs are en route a second consecutive weekly rise.

Spot silver gained 1.9% to $20.445 an oz, however remained on observe for a weekly fall of three.7%.

Platinum firmed 1.3% to $956.95, whereas palladium fell 1% to $1,375.12. Each are set for weekly declines.