Gold soars as banking crisis fears turn investors to safe haven

Gold prices regained some gains today, Monday, and erased part of the losses they recorded earlier, amid the return of concerns about the global banking sector to the fore, despite the rescue efforts of the bank (UBS) to acquire its rival, Credit Suisse, stabilized financial markets more broadly.

According to Reuters, gold rose in spot transactions by 0.1 percent to $ 1988.89 an ounce by 0624 GMT, after declining by one percent earlier in the session. US gold futures jumped 1 percent to $1,994.10

On Sunday, UBS agreed to buy Credit Suisse for $3.23 billion, bearing losses of up to $5.4 billion, in a deal backed by a huge Swiss guarantee.

Credit Suisse was affected by a widening crisis that followed the collapse of Silicon Valley Bank in the United States, and gold rose as a result of that by more than eight percent, or $ 160, amid high demand for safe havens.

Dollar rose 0.1 percent, making the yellow metal too expensive for buyers abroad

As for other precious metals, silver fell in spot transactions 0.7 percent to 22.43 dollars an ounce, platinum lost 0.8 percent to 968.39 dollars, and palladium fell 0.5 percent to 1412.48 dollars.