Gold up as dollar declines, fears mount after Silicon Valley ‎Bank crisis

Gold prices rose today, Monday, to their highest levels in more than five weeks, with the decline of the dollar, while fears raised by the largest collapse of a US bank since the financial crisis in 2008 pushed investors towards the precious metal, which represents a safe haven.

By 0051 GMT, spot gold rose 0.5 percent to $1877.30 an ounce, after hitting its highest level since February 3 earlier during the session at 1893.96. US gold futures rose 0.8 percent to $1,882.10 an ounce.

According to “Reuters”, US officials intervened to curb the financial repercussions of the bankruptcy of Silicon Valley Bank, saying that all depositors will be able to dispose of their deposits as of Monday.

As for other precious metals, silver rose in spot transactions by 0.6 percent, to $ 20.63 an ounce. Platinum rose 0.3 percent to $961.87 an ounce, and palladium rose 0.5 percent to $1,385.56 an ounce.