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Gold Rises More Than 1% as Coronavirus Hits Global Economies


Monday, 6 April 2020 17:40 WIB

GOLDEMAS


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Gold jumped more than 1% to a more than one-week high on Monday as worries over a global economic slowdown caused by the coronavirus pandemic drove investors to the safe-haven metal.

Spot gold was up 1.1% at $1,634.95 per ounce by 0930 GMT, its highest since March 26. U.S. gold futures were up 1.2% at $1,665.40.

The pandemic has infected more than a million people, killed over 68,000 and prompted countries to extend lockdowns to curb its spread, paralysing large swathes of the global economy.

Gold is highly sensitive to interest rates, as lower rates reduce the opportunity cost of holding non-yielding bullion.

Source : Reuters


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