Gold reverses lower as investors turn to high-risk assets

Economies.com
2023-03-16 18:19PM UTC

Gold prices fell on Thursday even as the dollar declined against most major rivals with the precious metal losing its status as a safe haven as investors head for high-risk assets. 

 

Intervention 

 

Credit Suisse received over 50 billion francs of loans from the Swiss National Bank, in addition to offers to repurchase loans, to reduce the confidence crisis that's causing a shock to the global financial system.

 

The largest shareholder in Credit Suisse said "everything is going alright", and it's unlikely for the bank to seek more capital.

 

The announcements came amid a frantic trading session amid concerns about the financial situation of the bank, which caused concerns to regulators worldwide. 

 

International media said that JPMorgan Chase and Morgan Stanley are considering an intervention and support with more liquidity, and potentially an acquisition of the struggling First Republic bank.

 

Data

 

US unemployment claims fell to 192 thousand in the week ending March 11 from 211 thousand, below estimates of 205 thousand.

 

The European Central Bank voted to increase interest rates by 50 basis points for the third time in a row to 3.5%, the highest since 2008, and matching expectations.

 

The ECB didn't present any details about future moves even as inflation remains stubbornly high.

 

The dollar index fell 0.1% to 104.5 as of 18:06 GMT, with a session-high at 104.7, and a low at  104.2. 

 

Gold spot prices fell 0.4% to $1,922.6 an ounce as of 18:07 GMT.

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