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Gold Rises on Mounting Business Impact From Virus Outbreak


Tuesday, 18 February 2020 12:28 WIB

GOLDEMAS


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Gold rose to a two-week high on Tuesday, spurred by demand for safe-havens after iPhone maker Apple Inc’s revenue warning underscored the financial fallout of the coronavirus epidemic in China.

Spot gold was up 0.4% at $1,586.32 per ounce as of 0246 GMT. Earlier in the session, prices touched their highest since Feb. 3 at $1,586.90.

U.S. gold futures inched up by 0.2% to $1,589.30.

Apple is one of the largest Western firms to be hurt by the epidemic.

It said manufacturing facilities in China that produce iPhone and other electronics have begun to reopen, but they are ramping up more slowly than expected. That pushed U.S. stocks futures as well as Asian shares lower.

Source : Reuters


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