ASX nosedive after US banks collapse

The ASX has dropped sharply in early hours of buying and selling on Tuesday, following the collapse of a number of banks within the United States.

The ASX200 opened down 114 factors, or 1.6 per cent, on 6995.

It fell additional, dropping down two per cent, after two hours of commerce.

But the uncertainty has pushed gold costs increased; the highest 10 performers on the ASX200 as of 1pm Tuesday are valuable metals producers.

Silicon Valley Bank, Silvergate Capital, and Signature Bank all collapsed late final week, prompting fears of a US recession.

More to come back.