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Gold Nears 7-Year Peak on Virus Economic Impact; Palladium Hits Record


Wednesday, 19 February 2020 19:55 WIB

GOLDEMAS


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Gold climbed towards a seven-year peak on Wednesday as concerns over the global economic impact of the coronavirus epidemic boosted safe-haven interest, while palladium resumed its record rally driven by concerns over a supply shortfall.

Spot gold rose 0.5% to $1,609.63 per ounce. The metal jumped to $1,610.72 earlier, its highest since Jan. 8, when gold hit its highest in nearly 7 years. U.S. gold futures rose 0.6% to $1,612.90.

Bullion held firm even as European shares hit a fresh record high on a decline in new cases of coronavirus in China, and as the dollar rose to a more than four-month high against rivals.

Source : Reuters


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