Gold is once again showcasing its long-standing reputation as an effective haven in troubled times, trading near the highest close in more than six years amid rising concern over the economic and human impact of China's deadly coronavirus.
Prices steadied after surging Monday as investors weighed the fallout from the spread of the disease, with Germany reportedly seeing its first case. The virus has killed at least 80, and infected more than 2,700. China's markets will remain shut till Monday after authorities extended the Lunar New Year break.
Spot gold was steady at $1,581.02 an ounce at 8:46 a.m. in Singapore after closing at $1,582.06 on Monday, the highest finish since April 2013. On an intraday basis, bullion briefly topped $1,600 earlier this month amid a flare-up in U.S.-Iranian tensions.
Among other main precious metals, silver fell 0.1%, platinum rose 0.4%, and palladium added 1.5% following a 6.6% slump on Monday.
Source : Bloomberg