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Gold climbs 1% towards the best week in 8 years

US, WASHINGTON (NEWS OBSERVATORY) — Gold prices rose more than one percent on Friday, heading towards achieving its biggest weekly gain since October 2011, due to an outbreak of the Coronavirus around the world, which undermines growth opportunities and drives investors towards safe haven assets.

By 1058 GMT, the spot price of gold was up 0.7 percent to $ 1681.67 an ounce after climbing to $ 1689.65. Prices are about six percent higher this week. US gold futures rose 0.9 percent to $ 1682.80.

Peter Versteeg, an analyst at Quantity Of Commodity Research, said the “usual flow of high-risk assets into safe havens” is fueling the rise of gold, due to concerns about the economic consequences of the virus.

And palladium fell 3.1 percent in the spot transactions to 2454.22 dollars an ounce. The metal used in automobile exhaust systems hit an all-time high of $ 2875.50 in late February.

Silver fell 0.2 percent to $ 17.38, while platinum settled at $ 864.

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Article is written and prepared by our foreign editors from different countries around the world – material edited and published by News Observatory staff in our US newsroom.