Gold this morning hit a new 52-week high before giving back some of its gains. The precious metal in early morning trading crossed the $2,000 per ounce mark as investors feared further bank collapse following the rushed sale of Credit Suisse (NYSE: CS).
The yellow metal hit a high of $2,009.75 per ounce once markets opened, after closing Friday’s session on a high note at $1,988.50. The metal hasn’t been over the $2,000 per ounce mark since March 10, 2022, following the invasion of Ukraine by Russia.
The rise in price follows the fall on bond yields as investors anticipate rate cuts coming to an end amid the current market turmoil, while also fearing further problems across the financial sector.
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Gold last traded at $1,985 per ounce.
Information for this briefing was found via Sedar and the sources mentioned or linked. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.
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