Gold traded near the highest level since 2013 on concerns over the spread of the new coronavirus and how it’s impacting global growth. Palladium continued it’s record-breaking rally.
Bullion steadied after surging 1.3% Tuesday’s as Apple Inc.’s warning that the virus and efforts to contain it would have its sales missing forecasts spurred a sell off in stocks. China’s death toll from the disease topped 2,000, while the province at the center of the outbreak reported fewer additional cases. The flight to safety has benefited haven assets, with the rally spilling over to the palladium market, where a multi-year deficit is expected to widen in 2020.
Spot gold added 0.2% to $1,604.82 an ounce at 9:14 a.m. in Singapore. Prices had touched $1,611.42 in early January, the highest since 2013, as geopolitical tensions flared. The unfolding health emergency has seen holdings in global exchange-traded funds backed by bullion expand to a record. Palladiumclimbed 2% to $2,680.31 an ounce, an all-time high.
Source : Bloomberg