The price of gold exceeded $2000 for the first time since April 2022

According to trading data at the beginning of the new trading week, the price of gold rose to $2003.4 per ounce, updating the maximum since mid-April 2022. 

Economists note that the demand for precious metals is supported by the recession in the banking sector of the United States, which may spread to the rest of the economy. Recall that after the bankruptcy of several American major banks over the past two weeks, the US Federal Reserve, the European Central Bank and a number of other major central banks announced new measures to increase liquidity for the banking sector to stop the possible spread of the crisis.

The strengthening of measures to provide liquidity by the Fed now calls into question further tightening of monetary policy, which may also support gold quotes. 

This week, on Wednesday, it is worth paying attention to the two-day meeting of the US Federal Reserve System, at which the rate is expected to increase by a relatively small 25 basis points.

Other precious metals also show an upward trend on Monday. Silver futures rose to $22,848 per ounce, platinum futures jumped to $1005.65 per ounce. Among industrial metals, copper prices rose on the back of new liquidity measures – $3,9432 per pound.