Gold prices reversed their course today, rising 0.3% in spot transactions to $1968.89 per ounce. U.S. gold futures stabilized at $1984.70. The yellow metal has held up relatively well against adverse conditions. Silver rose 1.2% in spot transactions to $23.63 per ounce. Platinum increased by 0.4% to $971.12, and palladium was up 0.8% to $1450.86. The dollar index fell by 0.1%, making the precious metal cheaper for buyers holding other currencies.
Michael Langford, director at AirGuide Corporate Consulting, confirmed that "in the short term, profit-taking operations and waning fears of further contagion among banks may lead to a continued decline in the price of gold towards $1920 per ounce."
Gold rose above $2000 after the sudden collapse of two American banks earlier this month, but it has since surrendered those gains as authorities intervened with rescue measures, such as UBS's acquisition of the struggling Credit Suisse and First Citizens Bankshares' purchase of the failed Silicon Valley Bank.