Gold prices on track for largest weekly profit in 2023 on banking concerns
2023-03-17 09:18AM UTC

Gold prices rose in European trade on Friday, maintaining gains for the third straight session and hovering near six-week highs as the greenback declines against major rivals. 


Gold is on track for the third weekly profit in a row, and the largest in 2023 amid increasing demand on safe havens due to concerns about the global banking system.


Gold Prices Today


Gold prices rose 0.7% to $1,934 an ounce, after rising 0.1% yesterday, the second profit in a row, and after hitting six-week highs earlier at $1,937 on the Credit Suisse bank crisis. 


The Dollar


The dollar index fell 0.5% on Friday for the second session against a a basket of major rivals, underpinning gold prices. 


As cautious calm spreads in the market, demand on dollar as an alternative investment cooled with higher risk currencies such as euro and the pound gaining. 


Weekly Trades



Gold prices are up 3.6% so far this week, on track for the third largest weekly profit in a row, and the largest profit in 2023.


Haven demand on gold prices remain strong following the collapse of the SVB and two other banks in the US, and the troubles facing the Swiss Credit Suisse bank.




Several analysts note that banking concerns continue to buoy gold prices amid ongoing risks, while central banks are expected to reduce the pace of rate hikes.


Investors continue to seek havens to deposit and safeguard their investments away from the banking sector, underpinning gold. 




Gold holdings at the SPDR Gold Trust remained flat yesterday at 914.72 tones, the highest since February 28.

Commodities News

Oil News


Oil prices try to recover from six-month trough
2023-12-07 13:55PM UTC
Global oil prices rose on Thursday for the first time in six days away from six-month lows as the ...
Gold News


Gold keeps rising as dollar loses steam
2023-12-07 08:26AM UTC
Gold prices rose in European trade on Thursday for another session as the dollar slowed down ...
Steel News


Nickel climbs as dollar loses ground while markets assess Chinese data
2023-12-06 15:29PM UTC
Nickel prices rose on Wednesday as the dollar loses ground against major rivals while markets ...

Commodities Technical Analysis

Technical Analysis


Wheat price breaches the resistance – Analysis - 08-12-2023
2023-12-08 04:41AM UTC
Wheat price bounced upwards clearly yesterday to breach 639.30 and close the daily candlestick ...
Technical Analysis


Sugar price presses on the support – Analysis - 08-12-2023
2023-12-08 04:40AM UTC
Sugar price continues to fluctuate near 22.60 level and presses negatively on it, to keep the ...
Technical Analysis


Soybean price attempts positively – Analysis - 08-12-2023
2023-12-08 04:40AM UTC
Soybean price surpassed 1311.70 level strongly to approach the EMA50, hinting heading to build ...