Gold rises on worry over failure of U.S. banks

By Xu JingUnreguser

CHICAGO, March 13 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose on Monday amid worry over failure of several U.S. banks.

The most active gold contract for April delivery rose 49.30 U.S. dollars, or 2.64 percent, to close at 1,916.50 dollars per ounce.

Banking stocks dropped from the fallout of the Silicon Valley Bank failure. At least 20 regional banks had their trading halted on Monday morning as their stocks fell dramatically. This turmoil in the banking industry drove investors to gold as a safe haven.

Gold found additional support amid dropping U.S. dollar index and treasury yields.

Investors are also waiting for the release of the consumer price index report on Tuesday.

Silver for May delivery rose 1.417 dollars, or 6.91 percent, to close at 21.923 dollars per ounce. Platinum for April delivery rose 42.70 dollars, or 4.44 percent, to close at 1,004.90 dollars per ounce.

Subscribe now to our Premium Plan for an ad-free and unlimited reading experience!

Next In World

NATO member Turkey to send troops to Kosovo amid unrest in the north
Transfer of holy icon shows Russian Orthodoxy's new sway under Putin
Turkey's Erdogan to take oath, name new-look cabinet
Zelenskiy says Ukraine ready to launch counteroffensive
Indonesia proposes demilitarised zone, UN referendum for Ukraine peace plan
Will you be replaced by your AI clone? Maybe one day, but not quite yet
Panama boosts security in Darien Gap to confront human traffickers
Game, set and patch: When athletes put faith in dubious tech gizmos
At least 261 dead in India's worst train accident in over two decades
Meta tells office workers to come in three days per week this fall

Others Also Read