NEW YORK: Gold prices jumped nearly 2% on Friday, driven by a slide in US Treasury yields and broader financial markets as worries over a fallout in the banking sector eclipsed a strong US jobs report and drove safe-haven flows into bullion.

Spot gold was up 1.9% at $1,864.81 per ounce by 12:57 p.m. ET (1757 GMT), its highest since Feb. 14. US gold futures for April delivery also rose 1.9% to $1,869.10 per ounce.

US tech lender SVB’s troubles rippled through global markets and hit banking stocks, shoring up interest in bullion often seen as a safe store of value during uncertain times.

“I think the main focal point is yields and with yields dropping today, that is a boost for the gold market,” said David Meger, director of metals trading at High Ridge Futures.

Gold, which does not yield any interest, benefited as Treasury yields slid amid the financial market turmoil and after US jobs data showed hourly earnings rose by less than expected last month. That gave hope that the Fed can be less aggressive in its path of interest rate hikes, even though job creation was strong.