Gold edges up, heads for third straight weekly gain

17/03/2023 Argaam

Gold prices rose today, March 17, heading for the best weekly gain since mid-November 2022, as the banking crisis pushed investors to resort to safe havens.

 

Large US banks injected $30 billion in deposits into First Republic Bank on March 16 to rescue the bank.

 

On the other hand, Credit Suisse said it will borrow up to $54 billion from the Swiss National Bank.

 

Gold futures for April delivery traded 0.73% higher at $1,937 per ounce at 10:05 am Makkah time. Spot prices rose 0.52%, or $9.97, to $1,929.49 per ounce, with a weekly gain of 3.2%.

 

Silver futures for May delivery traded 1.70% up at $22.06 per ounce. Spot prices of platinum added 0.87% to $985. Palladium gained 0.79% to $1,443.92.

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