Gold is trying to climb as concerns about the banking sector return

Gold prices regained some gains on Monday, erasing part of earlier losses, as concerns about the global banking sector returned to the fore, despite UBS’ rescue efforts to acquire rival Credit Suisse to stabilize financial markets more broadly. .

Spot gold rose 0.1% to $1,988.89 an ounce by 0624 GMT, after falling 1% earlier in the session. And US gold futures jumped 1 percent to 1994.10 dollars.

On Sunday, UBS agreed to buy Credit Suisse for $3.23 billion, bearing losses of up to $5.4 billion, in a deal backed by a huge Swiss guarantee.

Credit Suisse was affected by a widening crisis that followed the collapse of Silicon Valley Bank in the United States, and gold rose as a result of that by more than eight percent, or $ 160, amid high demand for safe haven.

And the dollar rose 0.1 percent, making the yellow metal expensive for buyers abroad.

With regard to other precious metals, spot silver fell 0.7 percent to $22.43 an ounce, platinum lost 0.8 percent to $968.39, and palladium fell 0.5 percent to $1412.48.