Gold prices passed US$2,000 for the first time in more than a year on Monday as UBS's recent takeover of its Swiss rival Credit Suisse for $3.2 billion failed to assure investors about ongoing bank woes.
After rising $68 on Friday, spot gold prices eased slightly early Monday, but later rose sharply by $50 to peak at $2,010 late in the day as the banking crisis in the US and Europe triggered purchases of safer or alternative assets, especially gold.
