Categories: Business

Gold hits over 5-week high on weaker dollar, bank worries


Mon, 2023-03-13 12:32

RIYADH: Gold prices rose on Monday to their highest in more than five weeks as the dollar weakened, while jitters over the largest US bank failure since the 2008 financial crisis drove investors to the safe-haven asset.

Spot gold was up 0.5 percent at $1,877.30 per ounce, as of 0051 GMT, after hitting its highest since Feb. 3 earlier in the session at $1,893.96. US gold futures gained 0.8 percent to $1,882.10.

The dollar index was down 0.4 percent, making bullion cheaper for buyers holding other currencies. 

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