Gold prices closed higher on Monday (20th).

(Reuters file photo)

[Financial Channel/Comprehensive Report] UBS’s (UBS) acquisition of Credit Suisse caused people to worry about the collateral impact on the banking industry. On Monday (20th), the price of gold reached a new high in nearly 11 months. Gold futures for monthly delivery settled up $9.30, or 0.5%, at $1,982.80 an ounce.

"MarketWatch" reported that Chintan Karnani, director of research at Insignia Consultants, said that the rise in gold last week was related to bank failures in Europe and the United States. People are worried that bank failures are just the beginning, and more large and small companies may need rescue. Gold has a huge safe-haven demand.

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Karnani pointed to the long-term damage to the creditworthiness of U.S. banks, and even if there is a major price correction in gold prices, it is expected to last for a short time.

Investors need to pay close attention to ETF demand data and gold investment demand data, they will determine the price, not the physical demand for gold, because the latter is sure to fall.

The price of gold hit an intraday high of $2,014.90 on Monday, and has reached $2,000 again since March 10, 2022. After that, it pared its gains and closed at its highest level since April 18 last year.

In terms of other precious metals, silver futures for May delivery rose 0.8% to close at $22.646 an ounce; palladium for June delivery rose nearly 1.1% to close at $1,400.60 an ounce; platinum for July delivery rose 0.04% to close at $1,400.60 an ounce. $997.40.

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