When the Credit Suisse crisis dampens risk appetite, gold gains more than 1%.

On Wednesday, the price of gold increased by more than 1% to reach its highest level since early February as a new banking crisis drove investors to the protection of metal and away from what appeared to be riskier investments.

At 9:53 a.m. EDT, spot gold was up 1.1% to $1,923.00 per ounce (1353 GMT). To $1,928.60, U.S. gold futures increased by 0.9%.

"It's a completely safe trade. Credit Suisse is causing a lot of fear, and as a result, pressure is mounting on European banks. Hence, it's a direct flight to safety "said Phillip Streible, the Chicago-based Blue Line Futures' chief market strategist.