Banking Unrest Pushes Gold Price to Highest Level in More Than a Year


The gold price is rising sharply due to the global unrest in the banking sector and the troubles surrounding Credit Suisse.


As a result, the value of gold has risen to its highest level in more than a year. Investors currently see gold as a safe haven now that share prices are under pressure.

The gold price rose by almost 1 percent on Monday morning to more than $ 2,000 per troy ounce (31.1 grams). The last time the gold price was slightly above $2000 was on March 10 last year. Last week, gold prices rose 6.5 percent.

To curb the turmoil in the financial markets, the ailing Swiss bank Credit Suisse was taken over by its larger rival UBS on Sunday. Although the bank has now been saved from collapse, Credit Suisse shareholders suffered a significant loss due to the bailout.

Credit Suisse bondholders are also suffering heavy losses.

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