In light of fears of a global banking crisis after the collapse of 3 US banks, gold prices rose to the highest level in 6 weeks in today’s session.
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Gold prices rose to the highest level in 6 weeks
Gold prices rose to the highest level in 6 weeks, at the settlement of today’s March session, with increased fears of a global banking crisis.
Upon settlement, gold futures rose by 1.1%, or $20.40, to $1931.3 an ounce, the highest settlement price since the February 1 session.
Investors ignored the economic data released today, including wholesale prices and retail sales in the United States, as the current developments in the banking sector captured the attention of investors.
Today, European stocks fell about 3% at the end of the trading session, amid a decline in all sectors, due to the Credit Suisse crisis.
The Swiss bank witnessed a sharp decline over the course of the session, reaching 30%, amid concerns about the state of financial stability within the Swiss bank.
What complicated matters in the global economy was the collapse of 3 US banks last week, igniting concerns about the stability of the global banking sector.
The markets are awaiting the European Central Bank meeting, tomorrow, Thursday, in light of these turbulent conditions, and whether it will raise interest rates by about 50 basis points as the markets expect, or will the current conditions force European Central Bank President Christine Lagarde to take a different position.
