Investing.com — The regulators have acted and the Biden administration has assured there won’t be another banking debacle in the U.S. to trigger a financial crisis relapse. But skittish investors looking for safe-havens still plowed into gold anyway on Monday, sending the yellow metal’s prices to six-month highs.

The front-month April gold futures contract on New York’s Comex settled at $1,916.40 an ounce, up $49.30, or 2.6%. The session high was $1,918.20, a peak since the $1,959.10 registered on Feb. 2. The rally came on the back of last week’s collapse of Silicon Valley Bank, or SVB, one of the top 20 lenders in the United States.

Spot gold could see some correction before climbing further in the near term, possibly to $1,928, ahead of Tuesday’s key Consumer Price Index, or inflation, reading which will likely decide whether the Federal Reserve goes with a 25-basis-point, or 50 bps, hike at its March 22 rate decision.