Gold extended the previous session’s gains on Thursday as mounting worries that an outbreak of coronavirus centred on China could impact global economic growth pushed investors into safe havens.
Spot gold was up 0.3% to $1,580.95 per ounce after rising 0.7% on Wednesday, while U.S. gold futures were 0.62% higher at $1,585.8.
Equities across globe tumbled, while Germany’s benchmark 10-year Bund yield slipped to a near three-month low and U.S. 10-year Treasury yields slid to their lowest since Oct. 10.
A Chinese government economist on Wednesday said China’s economic growth may drop to 5% or even lower due to the outbreak, which has claimed 170 lives so far and spread to over 10 countries.
Source : Reuters