• Gold prices have jumped 8% since the collapse of Silicon Valley Bank.

• The precious metal passed $2,000 per ounce last week and traded at just 21 cents below its all-time high on Thursday, according to Refinitiv.

• Investors have flocked to gold as a safe haven with banking turmoil weighing on other assets.

Gold prices are closing in on an all-time high with ongoing banking turmoil and the de-dollarization movement fueling demand for the precious metal.

Spot prices have jumped 8% since Silicon Valley Bank collapsed on March 10, according to Refinitiv, trading at around $2,028 per ounce at last check.

Investors tend to see the yellow metal as a so-called "safe haven" that they can rely on for steady returns in times of heightened volatility – so it's benefited from investors' fears about the health of US regional banks.

Beverly Hills-based PacWest said it would explore a sale Thursday, the latest setback for regional lenders.

Gold's peak for the year came that day, with its price reached $2,051 per ounce – just 21 cents below the record level of $2,072 per ounce, per Refinitiv.

The de-dollarization movement has also helped to fuel gold's recent rally, according to a report by the World Gold Council published last week.

The WGC found that central banks bought a record 228 tonnes of gold in the first quarter, with countries like Brazil, China, and Russia all trying to reduce their reliance on the greenback.

Read more: The anti-dollar drive spearheaded by Asia has spread to Europe, with France growing sour on the greenback's dominance. Here are 6 rising threats to the buck's supremacy of global trade.

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