In light of fears of a global banking crisis following the collapse of 3 US banks, gold prices rose to the highest level in 6 weeks in today’s session.
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Gold prices rose to the highest level in 6 weeks
Gold prices rose to the highest level in 6 weeks, at the settlement of today’s March session, with increased fears of a global banking crisis.
Upon settlement, gold futures rose by 1.1%, or $20.40, to $1931.3 an ounce, the highest settlement price since the February 1 session.
Investors ignored the economic data released today, including wholesale prices and retail sales in the United States, as the current developments in the banking sector captured the attention of investors.
Today, European stocks fell regarding 3% at the end of the trading session, amid a decline in all sectors, due to the Credit Suisse crisis.
The Swiss bank witnessed a sharp decline throughout the session, reaching 30%, amid fears regarding the state of financial stability within the Swiss bank.
What complicated matters in the global economy was the collapse of 3 US banks last week, igniting concerns regarding the stability of the global banking sector.
The markets are anticipating the meeting of the European Central Bank, tomorrow, Thursday, in light of these turbulent conditions, and whether it will raise interest rates by regarding 50 basis points as the markets expect, or will the current conditions force the President of the European Central Bank, Christine Lagarde, to take a different position.