Gold slipped, trimming a third monthly gain, even as stocks tumbled again on concern the coronavirus oubreak will harm global growth.
In February, bullion has benefited from the flight from risk as investors grapple with the sell-off in the S&P 500 Index and collapse in the yield on 10-year Treasuries to a record low. Still, there’s scope for profit-taking on gold as it may be used to meet margin calls amid the equities rout, according to Suki Cooper, precious metals analyst at Standard Chartered.
Spot gold -0.2% to $1,642.01/oz at 10:11am in Singapore. Metal little changed this week; +3.3% in Feb., Price hit $1,689.31 on Monday, the highest level since 2013
Bloomberg Dollar Spot Index steady; +1.3% this month.
Other precious metals: Silver -0.8% to $17.6320/oz, lower for 4th day; -2.3% in Feb., Platinum -8.3% this week, heading for biggest weekly drop since Nov. 2015, Palladium -2.3% to $2,801.27/oz, after touching a record of $2,883.89 Thursday.