Gold price is rising on the back of safe-haven demand as fears around global banking contagion persist. XAU/USD is trading at $2,007 per Troy Ounce at the time of writing, up almost 1% on the day. It is in a short-term uptrend, with the odds favoring more upside to come.
Gold news: UBS takeover fails to calm markets
A deal to enable rival UBS to take over troubled lender Credit Suisse over the weekend temporarily reassured investors and stabilized sentiment but relief was temporary. Fears around wider banking stability continue to propel investors into assets seen as safe. Stage directions: Enter Solid Gold.
The collapse of Credit Suisse and others, such as Silicon Valley Bank (SVB) and First Republic Bank before it, was triggered by a drying up of liquidity. The rise in inflation and interest rates to combat it has led to a fall in the value of the extensive government bond holdings of many banks, reducing the value of their assets. This, combined with a fall in bank deposits, caused a banking liquidity crunch.
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