Gold prices dropped on Monday, with their safe-haven appeal diminished as risk sentiment improved after Swiss lender UBS sealed a deal to buy peer Credit Suisse in a rescue effort to stabilise global financial markets.
Spot gold was down 0.7% at $1,973.44 per ounce, as of 0404 GMT, after sliding 1% earlier in the session. U.S. gold futures rose 0.3% to $1,978.40.167-year-old Credit Suisse for $3.23 billion and assume up to $5.4 billion in losses in a deal backed by a massive Swiss guarantee.
Credit Suisse was caught up in a widening crisis triggered by the collapse of U.S.-based Silicon Valley Bank earlier this month, following which gold rallied over 8% or by $160 on safe-haven demand. "The race to reassure markets over the recent global financial instabilities continues... with UBS' rescue deal for Credit Suisse aiding to calm some nerves and supporting some unwinding of safe-haven flows in gold," said Yeap Jun Rong, market analyst at IG.
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