- January 28, 2020
- Posted in LOCAL
Gold prices rose to their highest in more than two weeks yesterday as equities slipped on growing concerns that a China virus outbreak could impact that nation’s economy, prompting investors to drop riskier assets and look for safe havens.
Spot gold climbed 0,5 percent to $1 577,93 per ounce by 0743 GMT.
Earlier in the session, prices rose as much as 1 percent to their highest since January 8 at $1 586,42.
US gold futures rose 0,3 percent to $1 576,50.
Asian stocks slipped as the coronavirus killed 81 people and infected more than 2 700 in China, with residents of Hubei province, where the disease originated, banned from entering Hong Kong amid global efforts to halt the rapid spread.
Investors are “looking out for the new risk (coronavirus) coming into the markets and running for the exits in equity markets, that’s the cause for gold to move higher,” Stephen Innes, chief market strategist at AxiCorp, said. — Reuters.