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Saturday, March 25, 2023

The rise in gold prices amid the weakness of the dollar and fears of an expansion of the banking crisis in the world

Gold prices rose this morning, driven by the weakness of the dollar and uncertainty about the future of the current global banking crisis, bringing it close to achieving the largest weekly gain since mid-November.

Gold in spot transactions rose 0.5 percent to $1928.08 an ounce, and US gold futures rose 0.5 percent to $1932.10.

Gold prices have risen about 3.2 percent since the beginning of the week, heading to record a third consecutive weekly gain, supported by the great demand for the yellow metal after the collapse of the US Silicon Valley Bank in the largest bank failure since the 2008 financial crisis.

Among other precious metals, spot silver rose 0.9 percent to $21.89 an ounce, platinum rose 0.8 percent to $980.33, while palladium rose 0.9 percent to $1443.80. The three metals are heading for weekly gains, and silver is expected to record its best week since early December.

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