THE price of gold is back to being $2,000 an ounce as global markets and investors worldwide worry that crisis in the banking sector has not yet been fully resolved.
Lower gold prices opened up a clear opportunity for both local and foreign shoppers in the UAE to make a few purchases.
Prices of gold dropped a few days after Swiss Lender Union Bank of Switzerland (UBS) agreed to buy its rival Credit Suisse for $3.23-B as part of a rescue effort to contain a banking crisis and stabilize global financial markets.
UBS and Credit Suisse rank among the top 30 most important and most prestigious investment banks in the global financial system, and together they possess almost $1.7 trillion in assets.
The move to buy Credit Suisse came soon after 2 American banks- Silicon Valley and Signature Bank- collapsed earlier this month.
Last week, customers were seen lining up to take their money out of Silicon Valley Bank (SVB) as word of the situation spread.
This is the third time gold in Dubai returned to being more than $2,000 an ounce in the past three years.
