US gold futures jumped 2% to 2012.5 dollars
Gold prices jumped 1%, hitting their highest levels since March last year today, Monday, and recouped part of the losses they recorded earlier, as concerns about the global banking sector returned to the fore, despite the rescue efforts of the bank (UBS). To acquire its rival, Credit Suisse, to stabilize global financial markets.
Spot gold rose 1% to $2,007.30 an ounce by 0747 GMT, after falling 1% earlier in the session. US gold futures jumped 2% to $2012.50.
Gold prices rose 10%, 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.
UBS agreed on Sunday 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.
The “Credit Suisse” bank was affected by a widening crisis that followed the collapse of the “Silicon Valley” bank in the United States, and gold rose as a result of that by more than 8%, or $ 160, amid high demand for safe haven.
And the dollar rose 0.1%, making the yellow metal expensive for buyers abroad.
With regard to other precious metals, there was little change in the spot silver price at $22.59 an ounce, while platinum lost 0.5% to $970.53, and palladium fell 0.8% to $1407.70.
