Supervisor Elham AbolFateh
Editor in Chief Mohamed Wadie

Bankruptcy of US "Silicon Valley" Bank Enhances Gold Prices

Gold Service

Sun 12 Mar 2023 | 01:35 AM
Walid Farouk

Gold prices stabilized in the local markets during today's trading, Saturday, coinciding with the weekend for the global stock exchange.

And gold prices in the global markets ended the week’s trading with a rise of 0.7%, while the ounce trading price increased by 2% during yesterday’s trading, Friday, due to growing fears of the repercussions of the banking sector crisis, and the bankruptcy of the US “Silicon Valley” bank, in the largest banking collapse crisis since the international financial crisis in 2008

That crisis prompted investors to go to gold as a haven, in light of a state of uncertainty and uncertainty.

This is despite the strength of the US jobs data, which was released on Friday, which would have reinforced the US Federal Reserve's intentions to raise interest rates.

Saeed Imbaby, executive director of the “iSagha” platform for trading gold and jewelry via the Internet, said that gold prices witnessed a state of stability in the local markets during today’s trading, compared to the end of yesterday’s dealings, as a gram of 21 karat gold recorded the level of 1865 pounds, while the ounce recorded the level of $1868.

Imbaby added that a gram of 24 karat gold recorded 2132 pounds, a gram of 18 karat gold recorded about 1599 pounds, a gram of 14 karat gold recorded about 1244 pounds, while a gold pound recorded about 14920 pounds.

Imbaby indicated that gold prices rose during trading yesterday, Friday, by about 15 pounds, as a gram of 21 Karat gold opened transactions at the level of 1850 pounds, and closed transactions at the level of 1865 pounds, and the value rose by about 13 dollars, as transactions opened at the level of 1835 dollars, and transactions concluded at the level of $1868.

Translated by Ahmed Moamar