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Gold Scales Two-Week High as Coronavirus Hits Business


Tuesday, 18 February 2020 20:35 WIB

GOLDEMAS


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Gold climbed to a two-week high on Tuesday as investors sought safe havens after a revenue warning from iPhone maker Apple due to coronavirus, exacerbating fears of the outbreak's impact on global economic growth.

Spot gold was up 0.4% at $1,587.06 per ounce, having earlier risen to its highest since Feb. 3 at $1,589.40. U.S. gold futures inched up 0.3% to $1,590.20.

Gold is considered a hedge against risks from political and economic turmoil.

Apple's warning that its sales would fall short sent shockwaves across markets and knocked global equities off their recent record highs.

Source : Reuters


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