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Gold Holds Above $1,600 on Fears Over Economic Impact of Virus


Wednesday, 19 February 2020 13:17 WIB

GOLDEMAS


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Gold prices held steady above the key $1,600 mark on Wednesday as an uptick in equities due to a drop in new virus cases was kept in check by fears about the economic fallout of the epidemic.

Autocatalyst metal palladium, meanwhile, scaled yet another record peak on a sustained supply shortfall.

Spot gold was little changed at $1,601.77 per ounce by 0244 GMT. In the previous session, bullion prices surged 1.3% to their highest since Jan. 8 at $1,605.10.

U.S. gold futures were up 0.1% to $1,604.80.

The increase in the number of new virus cases slowed in China’s Hubei province even as the death toll rose by 132 as of Tuesday.

Source : Reuters


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