banking concern

Average prices of gold during the reported quarter rose 4.3% compared to last year, nearly touching an all-time high in May as U.S. banking concerns accelerated a rush to the safe-haven asset.

After positive quarterly results in April, Chief Executive Officer Terry Duffy cited "shifting perceptions about the Fed's near-term rate path as well as significant banking concerns in March."

First Republic had been at “the top of the list of regional banking concerns,” analysts at BMO Capital Markets wrote in a note on Monday morning.

IG's Sycamore says the initial strength was driven by U.S. banking concerns, but the market was "apparently spooked by a large sell order."

"The question is whether the risk was First Republic specific or whether it will lead to larger banking concerns," brokerage JonesTrading wrote in a note.