Gold, considered a safe haven in times of instability, today exceeded US$2,000 an ounce and is close to the maximum it reached in August 2020, of US$2,075.
Shortly before the stock market opening, at 08:41 a.m., gold reached $2,009.10 an ounce, awaiting the opening of the European stock markets, whose futures anticipated losses of more than 1% after the purchase of the Swiss bank Credit Suisse by UBS.
UBS reaches an agreement to buy Credit Suisse for 3,000 million euros
However, shortly after, at 10:30 a.m., the price of an ounce of gold reduced its gains and traded at USD 1,995.18.
In recent sessions, gold has risen sharply amid the banking crisis triggered in both the US and Europe by the collapse of US Silicon Valley Bank and problems at Switzerland’s Credit Suisse.
Fears of a banking crisis rocked the stock market and sent investors fleeing to safe havens like gold, debt and bitcoin.
Gold hit all-time highs in August 2020, when it was trading at $2,075. With the invasion of Ukraine in March 2022, it reached $2,070.
Source: Observadora
