Gold off 6week highs hit on Wednesday
Gold seen topping 2,000oz this year JP Morgan
Fed seen raising rates by 25 bps

March 16 Reuters Safehaven gold paused its rally on Thursday as traders positioned for more developments surrounding the banking sector crisis after Credit Suisse became the latest focal point.

Spot gold ticked 0.1 lower to 1,916.89 per ounce, as of 0648 GMT, after jumping more than 1 to 1,937.28 on Wednesday. U.S. gold futures shed 0.5 to 1,922.00.

Slowing some of the selloff in equity markets, Credit Suisse Group AG said on Thursday it intended to borrow up to 50 billion francs 54 billion from the Swiss National Bank to boost its liquidity after the flagship Swiss lender39;s shares slumped on Wednesday.

While investors are looking for a safe asset to park money after the banking crisis, triggering gold39;s recent rallies, they39;re now awaiting fresh cues, said Hareesh V, head of commodity research at Geojit Financial Services, terming the slight pullback on Thursday a technical correction.

Overall, gold was also buoyed by softness in the rival safehaven dollar , making bullion cheaper for overseas buyers.

Longerterm, gold39;s strong average performance in the leadup to and following both initial Fed rate cuts and U.S. recessions keeps us biased for higher prices as macro uncertainty swirls, JP Morgan analysts said in a note, forecasting gold to top 2,000oz this year.

Bullion is considered a hedge against economic uncertainties, although…