© Reuters. Gold bars in a photo from the Reuters archive.
(Reuters) – It jumped 1 percent, its highest level since March last year, on Monday, and recouped part of the losses it recorded earlier, as concerns about the global banking sector returned to the fore, despite the rescue efforts of the bank (UBS). ) to acquire rival Credit Suisse to stabilize global financial markets.
It rose 1% to $2,007.30 an ounce by 0747 GMT, after falling 1% earlier in the session. And US gold futures jumped 2 percent to 2012.50 dollars.
Gold prices rose ten percent, or about $ 180, due to the high demand for it as a safe haven after the collapse of the US Silicon Valley Bank earlier this month, which in turn caused a crisis for Credit Suisse, which was founded 167 years ago.
On Sunday, UBS agreed to buy Credit Suisse for $3.23 billion, bearing losses of up to $5.4 billion, in a deal backed by a huge Swiss guarantee.
Credit Suisse was affected by a widening crisis that followed the collapse of Silicon Valley Bank in the United States, and gold rose as a result of that by more than eight percent, or $ 160, amid high demand for safe haven.
And it increased 0.1 percent, which makes the yellow metal expensive for buyers abroad.
With regard to other precious metals, there was little change in the spot price at $ 22.59 an ounce, while platinum lost 0.5 percent to $ 970.53, and it fell 0.8 percent to $ 1407.70.
(Prepared by Marwa Gharib and Mahmoud Abdel Gawad for the Arabic Bulletin)
