Gold Prices Hit Record High Of Over $2,000 Per Ounce Since April 2022

Sumaira FH Published March 20, 2023 | 06:50 PM

Gold prices are rallying by more than 1% on Monday, reaching over $2,000 per ounce for the first time since April 18, 2022, according to trading data

MOSCOW (UrduPoint News / Sputnik - 20th March, 2023) Gold prices are rallying by more than 1% on Monday, reaching over $2,000 per ounce for the first time since April 18, 2022, according to trading data.

Last Friday, gold prices hit 11-month high, breaking from the clutches of mid-$1,900 per ounce to head for the long-term target of $2,000, as the US banking crisis drives more investors toward safe havens.

As of 07:16 GMT, the price of April futures for gold on the New York Comex exchange is growing by $27.4, or 1.41%, to $2,001.8 per ounce.

May futures for silver are trading up 0.89% at $22,657 per ounce.

The last time spot gold peaked at above $2,000 was in March 2022 when it hit $2,070.

29, almost matching its record high of 2,072.90 set in August 2020.

Gold prices have been on a tear since the US banking crisis erupted earlier in March with the takeover of two mid-sized lenders - Silicon Valley Bank and Signature Bank � by the Federal Deposit Insurance Corp as depositors yanked billions of dollars from them after fearing for their solvency. Silicon Valley Bank filed for bankruptcy protection over the past 24 hours. A third bank, First Republic, is also in trouble despite receiving a $30 billion cash infusion from a consortium of banks.