{Economic: Euphrates News} Gold prices jumped 1 percent, their highest since March last year on Monday to offset part of the losses they recorded earlier.
And with concerns about the global banking sector back to the fore despite U Bank’s rescue efforts. B. S) to acquire rival Credit Suisse to stabilize global financial markets.
And U agreed. B. S on Sunday bought Credit Suisse for $3.23 billion and suffered losses of up to $5.4 billion in a deal backed by a huge Swiss guarantee.
Credit Suisse was hit by a widening crisis that followed the collapse of Silicon Valley Bank in the United States, and gold rose more than eight percent or $160 amid rising demand for safe havens.
The dollar increased 0.1 percent, making the yellow metal too expensive for overseas buyers.
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Gold rose 1 percent in spot transactions to $2.30 an ounce by 0747 GMT, after falling 1 percent earlier in the session. U.S. gold futures jumped two percent to 2012.50.
Gold prices rose 10 percent, or about $180, on rising demand for it as a safe haven after the collapse of U.S. Silicon Valley earlier in the month, which in turn caused a crisis for Credit Suisse, which was founded 167 years ago.
For other precious metals, silver jumped about 1.5 percent to $22.77 an ounce, while platinum lost 0.5 percent to $970.53, and palladium rose 0.5 percent to $1392.50.
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