The KBW index is a broad measure of US banking stocks. As can be noted from the meltdown earlier this year, investors flocked to gold as a safe haven during this sell-off. US banking failures have continued since then, supporting gold further
However, the financial instability is having diminishing returns on gold, as investors either become less concerned or have already hedged. This makes us believe that further instability is unlikely to provide a material boost for the gold price