The banking crises in the US and Europe triggered a return to safe-haven shopping.

After the resurgence of safe-haven buying due to the banking difficulties in the US and Europe, gold prices increased above $2,000 per ounce for the first time in more than a year.

Because of growing concerns about Credit Suisse Group AG and the failure of numerous regional US lenders, gold prices rose 6.5% last week, the most since the beginning of the epidemic in March 2020.

Spot gold is up 0.6%.

After learning that UBS Group AG had agreed to purchase a Swiss lender in an emergency deal arranged by the government, gold lost some of its gains on Monday. Nevertheless, the bullion recovered later in the session.

In the opening hours of trade in Singapore, spot gold increased 0.6% to $2,037.50 per ounce. On March 10, 2022, gold last traded over the psychological level of $2,000 per ounce.