Gold tops US$2,000 on Credit Suisse buyout
2 months ago
LONDON: Gold topped US$2,000 per ounce for the time in more than a year Monday on haven demand as investors fretted over global bank fears despite the buyout of Credit Suisse.
The precious metal, seen as a safe store of value in times of turmoil, rose as high as US$2,009.73 in early morning London deals.
That was the highest level since Russia launched its invasion of Ukraine just over one year ago.
Gold later pared gains to stand at US$1,995, which marked a gain of 0.3 percent from late Friday.
The metal has jumped by almost nine percent in value since the collapse of US regional lender Silicon Valley Bank ten days ago.
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