Gold Crosses $2,000 An Ounce Amid Market Fears
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.
WATCH: The Next Big Catalyst for Gold — With Doug Casey
Gold last traded at $1,985 per ounce.
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As the founder of The Deep Dive, Jay is focused on all aspects of the firm. This includes operations, as well as acting as the primary writer for The Deep Dive’s stock analysis. In addition to The Deep Dive, Jay performs freelance writing for a number of firms and has been published on Stockhouse.com and CannaInvestor Magazine among others.
