Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
The Israeli Walla! website: We are running out of stockpiles, our forces are exhausted, and the lives of the captives are in danger. It is time for a ceasefire deal in Gaza.
Several wounded in an Israeli bombardment of a tent in al-Mawasi, south of Khan Younis in the Gaza Strip.
Israeli media: Three wounded, three killed in an ongoing operation in the Gaza Strip.
Al Mayadeen's correspondent in southern Lebanon: Israeli artillery shelling targets the outskirts of the town of Shebaa
Al-Qassam Brigades: The targeting took place at the intersection of 'Street 5' with the western line north of Khan Younis
Al-Qassam Brigades: A NIMR armored personnel carrier carrying an Israeli soldier was targeted with an Al-Yassin missile north of Khan Younis
Israeli media: At least two soldiers killed by anti-tank missile fired at Israeli army forces in the Gaza Strip
Local Syrian sources: Mortar shells fell on more than nine villages in the Sweida countryside
Local Syrian sources: Dozens of dead and wounded have arrived at Sweida hospitals as a result of ongoing clashes at several locations in the western Sweida countryside
Local sources: Civilians, including children and women, were injured in the al-Maqous neighborhood of Sweida, in Syria, as a result of ongoing clashes

Gold price nears $2,000 per ounce amid banking crisis

  • By Al Mayadeen English
  • Source: Agencies
  • 17 Mar 2023 23:28
4 Min Read

The last time spot gold peaked at above $2,000 was in March 2022 when it reached a level $2,070.29.

  • x
  • In this June 16, 2017, file photo, an employee shows gold bullions at Degussa shop in Singapore. (Reuters)
    In this June 16, 2017, file photo, an employee shows gold bullion at Degussa shop in Singapore (Reuters)

Gold prices reached all-time highs in 11 months on Friday, nearing the $2000 mark as the banking crisis is driving more money out of banks and investors to search for safer havens. 

"The return of bank angst is sending gold prices sharply higher," Ed Moya, an analyst at online trading platform OANDA, told Sputnik. "Many gold investors are looking at the short-term macro risks and it seems that a wide range of expectations should mostly be positive for bullion."  

This also comes in light of slumping oil prices as both WTI and Brent crude benchmarks recorded double-digit losses for the week in today's late afternoon trading hours.

On the day, benchmark gold futures for the month of April on New York’s Comex settled at $1,973.50 an ounce, up $50.50 which equals a gain of 2.6%.

As for the week, April gold was up by $106.30, or 5.7%. Friday's session high was $1,980.50, a never-seen-before high in Comex gold since its $1,985.10 peak recorded on April 19, 2022.  

The spot price of bullion has risen about 5.8% this week, with a record of  $1,973.92 by 1:55 p.m. ET (17:55 GMT), up $54.37 or 2.8% on the day. The session high for spot gold was $1,975.24, also marking an 11-month peak.  

Spot gold price charts show that the $2,000 level may be reached as long as the momentum remains, chartist Sunil Kumar Dixit said.

"Today's insane rally in gold shows that more people are turning to gold as a safe haven and store for value as the banking credit crisis continues to grow and spread," Dixit, chief technical strategist at SKCharting, told Sputnik. "From this point on, so long as prices sustain above $1,960, we can witness a continuation of the momentum reaching for the psychological barrier of $2,000."

Related News

Shekel weakens, TASE drops amid fears of Israeli strike on Iran

Gold price hits record $3,405 amid trade war escalation

The last time spot gold peaked above $2,000 was in March 2022 when it reached a level of $2,070.29.

Read more: EU should draw lessons from US banking collapse: Commissioner

The crisis began with two mid-size lenders - SVB and Signature Bank - being taken over by Californian regulators. SVB is considered the second largest bank failure in history, whereas Signature Bank is viewed as the third.

Another bank, First Republic, also found itself in hot water despite it received a $30 billion cash infusion from a consortium of banks.

The crisis has spread to other banks in Europe, including Credit Suisse, which announced yesterday it was taking a $53.7 billion loan from the Swiss central bank in a bid to "pre-emptively strengthen its liquidity" a day after stock prices fell by a huge margin as it struggles to nip in the bud a confidence crisis.

Rate hikes by the Fed have fueled fears among investors that the US may end up in an irreversible cycle of economic downturn.

"If the Fed is done with rate hikes, that should be bullish for gold as it puts a short-term cap on the dollar," Senior market analyst Ed Moya said. "If inflation proves to be stickier and the Fed has to resume tightening, that would deliver a major blow to the economy and trigger many safe-haven flows for gold."  

"Safe-haven flows into gold should be steady as the economy enters a recession," he added.

Read more: New agreement in Int'l trade route, warnings on gold sanctions: Putin

  • Gold prices
  • US
  • banking crisis
  • SVB
  • US economy

Most Read

Hezbollah SG reveals war details on Al Mayadeen for the first time

Hezbollah SG reveals war details on Al Mayadeen for the first time

  • Politics
  • 8 Jul 2025
Major ambush in Gaza kills 6 Israeli troops, injures dozens

Major ambush in Gaza kills 5 Israeli troops, injures 14

  • Politics
  • 8 Jul 2025
Israeli soldiers are seen in Beit Hanoun ahead of an operation by the al-Qassam Brigades, undated (Al-Qassam Brigades Military Media)

'Israel' on blast as media exposes report discrepancies in Gaza ambush

  • Palestine
  • 8 Jul 2025
Yemen Navy sinks ETERNITY C ship, shares footage of operation

Yemen Navy sinks ETERNITY C ship, shares footage of operation

  • Politics
  • 9 Jul 2025

Coverage

All
The Ummah's Martyrs

Read Next

All
The Freedom Flotilla ship Handala as it departs for Gaza, where it aims to break the maritime blockade at a port in Syracuse, Sicily in southern Italy on July 13, 2025. (AFP)
Palestine

Freedom Flotilla's Handala departs Sicily in bid to break Gaza siege

The container ship CMA CGM Laperouse, left, docks at the Georgia Ports Authority's Port of Savannah, Sept. 29, 2021, in Savannah, Ga (AP)
Politics

US shipbuilding woes deepen as tariffs, outdated policies backfire

Gaza war raises ethical questions for ex-Obama, Biden officials
Politics

Mercenary firm tied to Gaza war crimes hires Obama-Biden PR operatives

'Israel' targets children in Gaza collecting water
Palestine

'Israel' strikes Gaza kids fetching water, blames it on 'malfunction'

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS