Today, the price of gold jumped more than 1% and moved closer to the key level of $1,900.

Spot gold was up 0.8% to $1,882.70 per ounce at 04:16 GMT and the bullion reached its highest level since February 3 at $1,893.96 during the session. U.S. gold futures gained 1% to $1,886.50. According to City Index senior market analyst Matt Simpson, “gold has certainly come back to life, with safe haven flows sending prices below $1,900.”

Last Friday, gold rose after California banking regulators closed Silicon Valley Bank (SVB), a bank focused on tech startups. Gold is seen as a hedge against economic uncertainty, and benefits from lower interest rate expectations, which reduce the opportunity cost of holding unyielded bullion. Platinum was up 0.8% to $966.68, silver gained 1.4% to $20.79 per ounce, and palladium soared 3.1% to $1,421.70.