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Gold nears record price as U.S. bank failures fuel flight to safety

Banking crisis adds to investor woes over Ukraine invasion, inflation

Gold is known as a low-risk safe haven asset, popular in times of economic and geopolitical turbulence. (Photo by Kosuke Imamura)

TOKYO -- The price of gold has spiked since the beginning of the month, momentarily passing $2,000 per troy ounce on Monday, as the recent collapse of several U.S. banks leads investors to move their money to safe havens.

Gold futures in New York on Monday rose by more than $40, or about 2%, from the previous week, briefly hitting the mid-$2,010 range for the first time since March 2022.

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