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Home Sectors Commodities

Gold prices rise as global banking crisis spurs safe-haven demand

by Editor
16/03/2023
in Commodities
0
Gold prices rise as global banking crisis spurs safe-haven demand
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Gold prices edged higher on Thursday as troubles at Swiss lender Credit Suisse renewed fears of a banking crisis worldwide and steered traders towards the safe-haven metal.

FUNDAMENTALS

* Spot gold was up 0.1% at $1,919.86 per ounce, as of 0050 GMT, after rising more than 1% on Wednesday. U.S. gold futures fell 0.2% to $1,927.80.

* Shares of Credit Suisse slumped by as much as 30% on Wednesday after the lender’s largest shareholder said it could not provide further support, prompting the chief executive officer to make new assurances on its financial strength.

* Swiss regulators pledged a liquidity lifeline to Credit Suisse in an unprecedented move by a central bank.

Gold prices edged higher on Thursday as troubles at Swiss lender Credit Suisse renewed fears of a banking crisis worldwide and steered traders towards the safe-haven metal. PHOTO | COURTESY.

* Data on Wednesday showed U.S. retail sales fell 0.4% in February as purchases of motor vehicles and other goods slumped.

* Separate data showed U.S. producer prices unexpectedly fell 0.1% in February.

* Markets now see a 51.1% chance of rates being held at current levels at the U.S. Federal Reserve’s March meeting.

* Gold is considered a hedge against economic uncertainties, and tends to gain on expectations of lower interest rates, which reduce the opportunity cost of holding non-yielding bullion.

* The dollar index eased 0.1%, making bullion less expensive for buyers holding other currencies. U.S. benchmark 10-year Treasury yields were lower.

* Spot silver rose 0.2% to $21.84 per ounce, platinum was 0.1% higher at $962.96 and palladium gained 1.4% at $1,467.90.

Source: Zawya

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