It seems that the Credit Suisse deal may turn out to be not that flawless

Gold reaches highest level in a year as investors seek safe haven. The upward move which started for the price of gold on the 8th of March is continuing at the beginning this week as risk-off moods on the financial markets provide support for safe haven assets. While news of UBS buying the troubled Swiss lender, Credit Suisse, in a government-brokered deal provided some short term relief, it failed to ease market concerns as the deal will include write down of Credit Suisse's AT1 bonds and may turn out to be a hit to banks and other institutions with exposure to Credit Suisse.

Gold broke $2000

 

Following these market moves, gold rose over 1% today, breaking through the key $2,000 per ounce level this morning and reaching the highest level since March 2022 before pulling back and retesting Friday's highs.

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