The collapse of Credit Suisse fuelled fears of broader financial instability and prompted investors to seek safe-haven assets, pushing gold prices above $2,000 for the first time in 11 months on Monday.

Gold futures surged to a high of $2,014.90 per ounce prior sliding at $1,990.65/oz.

Bullion have fared well over the past three weeks because to the failure of three mid-sized U.S. banks, followed by Credit Suisse.

A swarm of investors are now persuaded that central banks must stop raising interest rates because they don't want to start a larger financial crisis as a result of the improvement in financial stability. Bond yields have decreased dramatically as a result, which has increased gold's relative attractiveness despite the fact that it doesn't generate interest.