Gold / Industry

Gold Price Surges After Twin Bank Closures


The price of gold this week surged past the $1,900-an-ounce mark, following the twin closures of Silicon Valley Bank and Signature Bank.

At press time, the spot price for the yellow metal was $1,931 an ounce.

“Gold looks very much like it is fulfilling its mandate as a safe haven,” Bart Melek, head of commodity markets strategy at TD Securities, told Reuters.

But another dealer, Alexander Zumpfe, a precious metals dealer at Heraeus, told the news agency, “If the Silicon Valley Bank’s bankruptcy is deemed an isolated incident, gold may lose some of its recent gains.”

Gold has been trading near record highs for most of the year; it hit $1,950 an ounce in February.

The all-time-high spot price for gold was $2,067 an ounce, which it hit in August 2020.

Image credit: Getty


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By: Rob Bates

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